The international conspiracy to fix the Libor rate is arguably the largest financial crime of the past decade. Set by a panel of 16 of the world’s largest banks, the London Interbank Offered Rate (Libor) is a key interest rate benchmark with deep ties to the global financial system. The Libor affects everything from rates on home mortgages and municipal bonds to the prices of a vast range of securities.
As evidence continues to emerge revealing that some of the world’s largest financial institutions colluded to manipulate the Libor, a key international interest rate benchmark, investigations by regulators have spread to include 11 banks in five countries. Civil suits have also proliferated. With dozens of lawsuits filed in US courts over the past year and the filing of a new civil suit in the UK connected to Libor manipulation, bank liability is expected to top tens of billions. This ACFCS timeline highlights some of the key events in the ongoing Libor scandal.