Minos Zombanakis, a retired banker, said his office of Manufacturer's Hanover Bank devised the
London Interbank Offered Rate (LIBOR) interest calculation in 1969.
The Berkshire Bank alleged that the 16 defendants, including Japanese lenders the Bank of Tokyo Mitsubishi UFJ and Norinchukin Bank, "artificially" decreased the
London Interbank Offered Rate during the period between August 2007 and May 2010, causing it and all others similarly situated "to receive lower interest than they would have been entitled but for the defendants' fraud," according to the class action complaint filed with a New York district court.
Summary: Indebted property developer offered to pay 175 basis points over the
London Interbank Offered RateLIBOR - the
London interbank offered rate - is the benchmark for interest rates in the City.
The new line refinances and replaces a S15 million line of credit previously provided by a different bank and is priced at an improved interest rate of 3.25 percent plus
London interbank offered rate (LIBOR), subject to certain terms and conditions.
The new facility has been oversubscribed by 1.33 times and carries an interest rate of between 120 basis points and 160 basis points over the
London Interbank Offered Rate (Libor), depending on the level of utilisation.
According to West Virginia-based pension fund, The Carpenters Pension Fund of West Virginia, Bank of America Corp (NYSE: BAC), Citigroup, Inc (NYSE: C) and UBS AG (NYSE: UBS) could have manipulated the
London Interbank Offered Rate, or Libor.
The three-month dollar
London interbank offered rate eased to 0.41813 percent from 0.42406 percent, reaching its lowest level since early May.
The loans will be repayable in 13 to 15 years with interest rate based on the
London Interbank Offered Rate (Libor), PLN Vice President Rudiantara said.
In February, it agreed to cover those over the next five years with certificates of deposit offering 5 percentage points over the
London interbank offered rate. The certificates will be issued by Banco Internacional de Comercio SA, a government financial institution.
The agency announced an interim final rule allowing new SBA loans to be made with an alternative base interest rate, the one month LIBOR rate (
London Interbank Offered Rate), in addition to the prime rate, which was previously allowed.
The floating rate trust certificates of the five-year international sukuk offering will be at a profit rate of 275 basis points over the three-month
London Interbank Offered Rate (Libor).