Huffpost Business

Welcome To The City That Sues Banks

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FORTUNE -- It has been a year since Baltimore sued the big banks -- Bank of America (BAC), Barclays (BCS), Citibank (C), HSBC (HBC), J.P. Morgan (JPM), Lloyds (LYG), UBS (UBS), and WestLB -- the first of many lawsuits to claim that those institutions illegally manipulated the London interbank offer rate, or Libor. It was esoteric stuff until recently, when Libor became an international scandal that spilled beyond the business pages. Regulators now allege that for years several banks may have lied about the interest rates they paid to borrow money from one another. The falsely low rates affected just about everyone, since the interest on trillions of dollars in consumer and municipal loans is set against Libor.