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Sonoma County sues over LIBOR banking scandal

Sonoma County sues over LIBOR banking scandal

Sonoma County has filed its own lawsuit against LIBOR — the collection of banks caught in an international rate-fixing scandal — alleging it was short-changed on investment returns.

The suit filed Friday in U.S. District Court in San Francisco seeks a return of undetermined losses to local investing agencies including schools, special districts and county government.

It comes on the heels of similar suits from San Mateo County and the University of California claiming damages from financial institutions that set the London Interbank Offered Rate, which is the global benchmark for interest rates.

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