Bloomberg Law Brief: Banks on Trial for Rate Rigging (Audio)

Cornelius Hurley, a professor at the Boston Univeristy School of Law, and Robert Hockett, a professor at Cornell University Law School, discuss the 16 banks who are being sued for allegedly manipulating a key Australian interest rate benchmark in an attempt to generate hundreds of millions of dollars in illicit profits. JP Morgan Chase & Co. and Citigroup are among the banks being sued, part of a class action suit accusing the financial institutions of fixing Australia's local Libor equivalent. They speak with Bloomberg Law host June Grasso on Bloomberg Radio's "Bloomberg Law." Bloomberg's Karen Moskow and Bob Moon report the day's top legal stories.