Sacramento County sues world's largest banks over Libor rigging

[Newsjock]

Source: Sacramento Bee

Sacramento County filed a major lawsuit today against some of the world's largest banks, accusing them of manipulating an influential interest rate to gain profits at the county's expense.

The lawsuit, filed in U.S. District Court in Sacramento, accuses Bank of America, Barclays, JPMorgan Chase and a host of others of manipulating the interest rate known as Libor - the London Interbank Offered Rate.

... Sacramento County became the 15th government agency in California to file suit over Libor this year. Other plaintiffs include the University of California system, the cities of Richmond and Riverside, and an association covering San Diego County and 18 of its cities, said Nanci Nishimura of Bay Area law firm Cotchett Pitre & McCarthy. The Cotchett firm has filed all the lawsuits.

Read more: http://www.sacbee.com/2013/07/23/5589543/sacramento-county-sues-worlds.html

[emsimon33]

1. FINALLY!!!!! However, Republican governors would rather bankrupt cities

than hold the real culprits guilty. Way to go, Sac City!!!!!

[snot]

2. +1!

[benld74]

3. AT least Sac Co. has cajones OTHER governments do not

[annm4peace]

4. I hope more Counties and cities do this

I wonder if Detroit could do this?

[Starry Messenger]

5. k&r

[Left Coast2020]

6. Wow. And I live near Sac. Co. but.....

...is this a winnable case? I'm not a legal-eagle but this seems like an uphill climb. But maybe not. Settle for a billion!!! Not a penny less! BOA has it.