The NCUA late Monday said it filed an antitrust lawsuit against13 international banks involved in the Libor rate scandal.

The manipulation of Libor in 2007 and 2008 resulted in a loss ofinvestment income at the five failed corporate credit unions,because they invested in Libor-indexed assets such as floating-rate securities andfixed-rate bonds with attached interest rate swaps.

Bank employees reported artificially low rates, which resultedin underpayment on the assets.

The suit was filed in federal court in Kansas, where the failedU.S. Central Federal Credit Union was located. The NCUA saidWestern Corporate Federal Credit Union, Members United FederalCredit Union, Southwest Corporate Federal Credit Union andConstitution Corporate Federal Credit Union also suffered losses asa result of the scheme.

“We have a responsibility to pursue recoveries through everyavailable avenue against those who caused billions of dollars inlosses to credit unions,” NCUA Board Chairman Debbie Matz said.

“Some firms were manipulating international interest rates in away that cost the five corporates to lose millions of dollars. Justas we are doing in our other suits, we are seeking to holdresponsible parties accountable for their actions,” Matz said inthe Monday night statement.

The only bank the statement mentioned by name of the 13 in thesuit was JPMorgan Chase.

The NCUA claims the bank defendants individually andcollectively gave false information to benefit their investmentsthat were tied to Libor, reduce their borrowing costs, deceive themarketplace as to the true state of their creditworthiness anddeprive investors of interest rate payments.

In addition to the lawsuits, banks involved in scheme have beenunder investigation by authorities in the United States and theUnited Kingdom.

The investigating authorities have so far collectedapproximately $2.5 billion in penalties from three firms: UBS, theRoyal Bank of Scotland and Barclays. More than 40 suits altogetherhave been filed.

Libor, or London Interbank Offered Rate, is the average dailyinterest rate a group of leading financial institutions pay whenthey borrow from one another. The rate is set daily for 10currencies around the world and affects interest rates on trillionsof dollars of financial transactions.

The NCUA said it would apply any proceeds from the suit towardthe corporate stabilization fund.