New York Attorney General Eric Schneiderman began sending out subpoenas to banks over LIBOR rigging in August and coordinating with Connecticut Attorney General George Jepsen on the investigation. Now the list of subpoenaed banks has expanded to a total of 16, including Société Générale and Royal Bank of Canada (RBC), and more attorneys general are coming in on the investigation.
Bloomberg reported Friday that a person familiar with the issue said that the joint probe by New York and Connecticut has resulted in subpoenas not just for SocGen and RBC and the seven banks originally subpoenaed in August, but also for Bank of America, Credit Suisse Group, Bank of Tokyo Mitsubishi UFJ, Norinchukin Bank, Rabobank, Lloyd’s Banking Group and West LB, a German lender that no longer operates.
Schneiderman and Jepsen are jointly conducting an investigation into the rigging of LIBOR. The Financial Times had reported in August that the two had joined forces to determine whether collusion on the interbank rate had harmed investors and borrowers in the two states.