Underwood led the working group of State Attorneys General investigating UBS and other banks that engaged in LIBOR manipulation.
In separate statements, the State Attorneys General of California, and Pennsylvania also expressed their commitments to holding corporations accountable for violating the law.
“California is committed to holding powerful international banks like UBS accountable. We will not accept financial institutions breaking the rules and hanging Californians out to dry,” said Attorney General Xavier Becerra.
On the other hand, Pennsylvania Attorney General Josh Shapiro said, “Pennsylvania educational institutions, municipalities and non-profit organizations were cheated by UBS’ fraudulent manipulation of interest rate benchmarks. I’m focused on delivering restitution for our Commonwealth.”
Additionally, Shapiro stressed, “Whether it’s a bank or a student loan provider, an auto maker or a credit-reporting agency, if a corporation does something that harms Pennsylvanians or Pennsylvania institutions and violates the law, I’m going to hold them accountable.”
