Libor Probe of BofA (BAC), Citigroup (C), Barclays (BSC), WestLB (WDLG), UBS (UBS)

Bank of America (NYSE:BAC), Barclays (NYSE:BCS), Citigroup (NYSE:C), WestLB (WDLG.UL) and UBS (NYSE:UBS) are being investigated by regulators in Britain, Japan and the United States over the alleged manipulation of Libor rates.

Libor rates are the benchmark for interbank borrowing costs.

The Financial Times, citing people familiar with the investigation, reported Barclays, BofA, and Citi had all received subpoenas from U.S. regulators. Investigators had also demanded information from WestLB, although the German bank said it had not been subpoenaed, the paper said.

Swiss bank UBS had said on Tuesday it received subpoenas from Japanese and U.S. regulators regarding whether it made "improper attempts" to manipulate the London interbank offered rate.

Some lawyers said the regulators, who are investigating the setting of dollar Libor prices in 2007 and 2008 - just before and during the financial crisis - faced a tough task.

"Unless significant in terms of evidence, to prove such in such turbulent markets would be less than clear cut -- and like searching for the needle in a hay stack," said Tom O'Riordan, a partner at law firm Paul Hastings.




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