JPMorgan Chase, Barclays, and five other large banks have been subpoenaed by New York and Connecticut as part of an investigation into manipulation of the LIBOR benchmark rate, according to a source familiar with the matter.
The other banks are Deutsche Bank, Royal Bank of Scotland, HSBC, Citigroup, and UBS.
New York Attorney General Eric Schneiderman and Connecticut Attorney General George Jepsen are jointly leading the investigation. Separate probes are also being conducted by the Attorneys General of Florida and Massachusetts.
The investigations have picked up steam since Barclays’ admitted that it submitted false LIBOR and EURIBOR rates in order to benefit its trading positions. The bank paid a fine of $450 million to the CFTC and the FSA.