Bank of America Corp., Barclays Plc and Citigroup Inc. are among a group of banks sued by the city of Houston for financial damages caused by the alleged manipulation of the London Interbank Offered Rate (Libor), Bloomberg News reported yesterday. Houston, the fourth-largest U.S. city, is one of the biggest to sue on rate-fixing allegations. The Texas city seeks unspecified damages for both receiving artificially low interest and paying artificially high rates on municipal investments dating back six years, according to a complaint filed yesterday in federal court. Besides Houston, other U.S. municipalities that have sued include Baltimore and San Diego County.
