Four leading banks Citigroup Inc. (C), Deutsche Bank AG (DB), Bank of America Corp. (BAC) and JP Morgan Chase & Co. (JPM) were the members of panel that set the Libor. Libor is London Interbank Offered Rate which is a trademark for more than $350 trillion of financial products worldwide. The rates of Libor are set daily by the British Bankers’ Association based on data from banks.

The banks were accused of potential interest-rate manipulations. Officials from Basel, Switzerland-based Bank for International Settlements, which acts as a central bank for the world’s monetary authorities, said that they couldn’t rule out the possibility that rates were manipulated. The British Banker’s Association said that they are committed to retaining the integrity of Libor.

The panel would be evaluated by the U. S. Department of Justice, Securities and Exchange Commission and Commodity Futures Trading Commission. U. K. regulators with the knowledge of investigation will help their U. S. counterparts in the enforcement of investigation. The Financial Services Authority here and the Japanese regulators are also involved in the investigations.