City of Houston Sues BofA over Libor and 2 More Heavily Traded Stocks to Follow
Bank of America Corp. (NYSE:BAC): Current price $14.95
Bank of America, Citigroup, and Barclays are among several big banks being sued by the city of Houston for financial damages, due to the alleged manipulation of the London Interbank Offered Rate. Houston, as the number-four American city by population, is one of the largest to sue on rate-fixing allegations. The city seeks an unspecified amount of damages for both receiving artificially low interest, and for paying artificially high rates on municipal investments dating back six years, said a complaint filed Tuesday in federal court. The city of Houston’s attorney, Richard Mithoff, commented via email that “The complaint specifically notes three examples of transactions in which the Libor manipulation was detrimental to the City of Houston. Damages to the city resulting from this global interest rate manipulation could be substantial.”
Sprint Nextel Corp. (NYSE:S): Current price $5.83
On Tuesday, Sprint announced its Wireless CapTel by Sprint app powered by Raketu, for all iOS-powered devices. The new app raises the accessibility of mobile communications for individuals who have hearing loss, permitting users to read conversations by real-time word-by-word captions on their wireless phones. Users of Wireless CapTel by Sprint may place a call in the same manner in which they would when using a traditional phone, by dialing the number directly on the device. The application then links callers directly to the CapTel service when the phone is dialed.
Ford Motor Co. (NYSE:F): Current price $16.98
The iconic automaker, gaining traction on the hybrid car sales leader Toyota Motor Corp., has announced that it will end its partnership with Japan’s number-one automaker, so as to develop gasoline-electric systems for pickups and sport-utility vehicles. Ford is set to take its rear-wheel-drive hybrid system to market later in the decade, according to its product development chief Raj Nair, who explained that Toyota and Ford mutually agreed to conclude their collaboration after the research and development phase. In an interview, Nair commented, “Both parties gained from each other’s expertise and insight. We’ve developed a lot of expertise in-house and determined we could deliver the system on our own.”