Reuters: Regulatory News: Italian prosecutors open probe into Euribor-consumer groups

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Italian prosecutors open probe into Euribor-consumer groups Jul 20th 2012, 08:50 ROME, July 20 | Fri Jul 20, 2012 4:50am EDT ROME, July 20 (Reuters) - Prsecutors in southern Italy have opened a criminal probe into possible manipulation of Euribor, the euro-priced counterpart of scandal-hit Libor bank-to-bank lending rates, two Italian consumer groups said on Friday. Following complaints filed by Adusbef and Federconsumatori, the two consumer groups said they had received confirmation from prosecutors in the town of Trani that it was looking into potential fraud and serious manipulation of markets. The prosecutors' office in Trani, a small town in the southeastern region of Puglia, has made a specialty of high-profile investigations of international financial institutions, on the basis of complaints by Adusbef and Federconsumatori. The office is currently investigating the big ratings agencies, Moody's, Standard and Poor's and Fitch.

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