Mar 152014
 
The banks accused include Citigroup, JPMorgan Chase and Bank of America [AP]

The US Federal Deposit Insurance Corp. (FDIC) has sued 16 big banks that set a key global interest rate, accusing them of fraud and conspiring to keep the rate low to enrich themselves.

The banks, which include Bank of America, Citigroup and JPMorgan Chase in the US, are among the world’s largest.

The FDIC says it is seeking to recover losses suffered from the rate manipulation by 10 US banks that failed during the financial crisis and were taken over by the agency.

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