The British scandal surrounding alleged manipulation of the benchmark interest rate to which most U.S. consumer loans are pegged has washed up on Connecticut’s shores, with the state attorney general probing whether the state and its residents were harmed, authorities say.
Attorney General George Jepsen’s Monday confirmed published reports of a joint probe involving his office and that of New York Attorney General Eric Schneiderman “on an investigation into alleged anticompetitive conduct related to potential rigging and manipulation of benchmark interest rates, including the London Interbank Offered Rate – more commonly referred to as LIBOR.”
In a statement, Jepsen vowed to “follow the evidence wherever it leads and with the goal of providing restitution to state agencies, municipalities, school districts and not-for-profit entities nationwide that may have been harmed by any illegal conduct.”
