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As new twists and turns of the LIBOR scandal continue to unfold, it is clear that issues surrounding the alleged manipulation of this important financial benchmark will not be resolved quickly or quietly. Banks alleged to have manipulated the London Interbank Offered Rate will face government investigation and large regulatory fines, public excoriation by the press and politicians, and management shake-ups. Central banks and regulators—many at the heart of the 2008 global financial crisis—can expect criticism for their failure, yet again, to protect investors from the misdeeds of large financial institutions. Shareholders of the LIBOR banks will bring class and derivative litigation over harm to their shares and institutions.

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