03/14/2014 15:10 EDT | Updated 05/14/2014 05:59 EDT

FDIC sues Royal Bank, others for LIBOR rigging

Canada's largest bank has been named in a lawsuit from a top U.S. banking regulator that accuses them and more than a dozen of the world's largest banks of colluding to fix a key international lending rate.

The Royal Bank of Canada is one of more than a dozen financial institutions named in a lawsuit from the U.S.-based Federal Deposit Insurance Corporation that accuses them of conspiring to manipulate Libor, or the London Interbank Offered Rate.

Libor is a lending rate that is the basis for trillions of dollars worth of consumer loans and savings rates around the world.

More to come