The Federal Deposit Insurance Company (FDIC) insures the deposits of US banks. Many of the banks that they insured have failed, and their failures have cost the FDIC a lot of money. The insured banks had entered into derivative contracts based upon the LIBOR rate. The banks named in the suit are charged with breach of contract on the LIBOR derivatives. They have been accused of conspiring to manipulate the LIBOR in a manner that negatively affected the banks insured by the FDIC.