Berkshire Bank Files Class-Action Suit Over Libor

This is intended to be a class action on behalf of all lending institutions headquartered in the State of New York or with a majority of their operations in the State of New York, that originated, purchased outright, or purchased a participation interest in loans paying interest at rates tied to the US Dollar London Interbank Offered Rate ("LIBOR"). The action alleges that sixteen different banking organizations acted to depress improperly the setting of LIBOR, which resulted in the plaintiff banks collecting less interest on loans that they held. To support the plaintiff's claim of misconduct, the action draws on a variety of public documents including press reports, regulatory statements and academic research.

View complaint in full here.