Banking

American States Want a Piece of the LIBOR Scandal

They could potentially nab hundreds of millions in fines

|

Several U.S. states have joined the investigations swirling around the illegal manipulation of the bank-to-bank interest rate known as "Libor" — an international scandal that may have cost governments and consumers billions of dollars.

Libor is a shorthand term for the London Interbank Offered Rate, a key measure that sets the basis for interest rates on financial instruments around the world. The attorneys general in Connecticut and New York have led the charge thus far, working together since early this year.