The US investigation into alleged manipulation of interbank lending rates is focusing on possible violations of a US commodities law, which could result in the most serious criminal prosecutions of the financial crisis.
According to people familiar with the probe into setting of the London and Tokyo interbank offered rates, US authorities are modelling their investigation on an earlier prosecution of three energy companies for violations of the Commodity Exchange Act, which resulted in criminal settlements and prison terms of up to 14 years.
The act makes it illegal to submit false trading information to public indices with the intention of manipulating prices.
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