Business | News | Oregon

Unions Urge Kitzhaber To Sue Banks Involved In LIBOR Fraud

OPB | May 3, 2013 2:33 p.m. | Updated: May 6, 2013 9:04 a.m. | Portland

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Labor unions and others rallied outside the Bank of America in Portland Friday to urge Governor Kitzhaber and the state treasurer to sue banks involved in LIBOR fraud.

Kristian Foden-Vencil / OPB

Three banks have already settled with financial regulators over allegations they helped rig the London Inter-Bank Offered Rate. But other banks are believed to have been involved.

Service Employees International Union estimates LIBOR manipulation cost the Oregon Public Employees Retirement fund and other local groups more than $110 million.

State Treasurer spokesman, James Sinks, the state’s securities litigation unit looks at any malfeasance that affects accounts.

“We have attorneys looking at that both in the public and private sector to see what the actual losses were and what the next step for Oregon should be.”

Sinks says the state has $125 million in lawsuits pending against several banks including JP Morgan Chase and the Royal Bank of Scotland.

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