States weighing Libor scandal suits

NEW YORK (CNNMoney) — The world’s biggest banks, already under scrutiny from U.S. and U.K. regulators in the Libor rate-setting scandal, could soon face a flood of civil suits from numerous states.

Spokespeople for the New York and Connecticut attorneys general confirmed Monday that their offices have conducted a joint investigation into the Libor scandal for several months.

“The attorneys general will follow the evidence wherever it leads and with the goal of providing restitution to state agencies, municipalities, school districts and not-for-profit entities nationwide that may have been harmed by any illegal conduct,” said Jaclyn Falkowski, spokeswoman for Connecticut attorney general George Jepsen.

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