Banks Face Suits as States Weigh Libor Losses [1]

The New York Times - Nathanial Popper, 9/4/12

Janet Cowell, the treasurer of North Carolina, is examining the extent of the state’s possible losses related to Libor.  (Peter W. Stevenson for The New York Times)

The scandal over global interest rates has state officials like Janet Cowell of North Carolina working intensely behind the scenes to build a case for suing the nation’s largest banks.

Ms. Cowell, the state’s elected treasurer, and several of her staff members have spent the summer combing through the state’s investments trying to determine how much the state may have lost because of suspected manipulation of the London interbank offered rate [2], or Libor, which is used as a benchmark for trillions of dollars of financial contracts around the world.

More: NYTimes.com. [3]