Chicago Teachers pension fund to study losses from LIBOR scandal
By Barry B. Burr | November 29, 2012 12:09 pm
Chicago Public School Teachers' Pension & Retirement Fund plans to examine the impact of the LIBOR manipulation scandal on the $9.7 billion pension fund and determine what if any legal or other action to take to recover losses, according to a board resolution.
In addition, the Chicago Teachers pension fund plans to ask the Chicago City Council to determine how much money other city pension funds lost as a result of LIBOR fraud and explore legal options to recover those losses as well.
The pension fund plans to create a committee to lead the inquiry.
Kevin Huber, executive director, couldn't be reached for comment.
Barclays agreed on June 26 to fines of $160 million by the Department of Justice. In addition, it agreed to fines of $200 million by the Commodity Futures Trading Commission and £59.5 million ($95.3 million) by the U.K. Financial Services Authority.
Rebekah Carmichael, Justice Department spokeswoman, said in an e-mail the DOJ is continuing its investigation into potential LIBOR manipulation by other financial institutions.