A further nine banks have received subpoenas relating to the investigation into alleged manipulation of the London interbank offered rate (LIBOR).
Eric Schneiderman, New York attorney-general, and George Jepsen, Connecticut attorney-general, issued subpoenas during August and September to Bank of America (BofA), Bank of Tokyo Mitsubishi, Credit Suisse, Lloyds, Rabobank, Royal Bank of Canada, Société Générale (SocGen), Norinchukin Bank and WestLB, but these have not been reported before now.
The latest actions bring the number of banks under examination by the two state prosecutors to 16; subpoenas having previously been issued to Deutsche Bank, Citigroup, JP Morgan Chase, RBS, Barclays, HSBC and UBS.
has already paid US$452.5m to US and UK regulators as part of a settlement in which it admitted that executives and traders had manipulated LIBOR. The deal was followed by the resignation of chief executive officer (CEO)
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
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