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Lawsuits on the Horizon in Libor Scandal (WSJ)

Banks being investigated for rate-rigging face lawsuits worth billions of dollars.

Lawsuits are piling up for the banks being investigated for manipulating Libor, according to the Wall Street Journal. Financial institutions such as Barclays, Bank of America, Citigroup and J.P. Morgan Chase could be facing dozens of lawsuits from individual investors, institutions, insurers and lenders.

Estimates of the extent of damages vary as it will prove difficult for plaintiffs to prove in court that banks caused them to suffer a loss because of manipulated rates. Analysts say banks will be under pressure to settle some of the suits.

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