Fannie Mae Hits 9 Banks With $800M Suit Over Libor Rigging

Law360, New York (October 31, 2013, 4:13 PM EDT) -- Fannie Mae launched an $800 million suit in New York federal court Thursday against nine major banks suspected of manipulating the benchmark interest rate Libor, marking the latest legal salvo in the global rigging scandal.

Four of the banks targeted in the complaint — Barclays Bank PLC, UBS AG, The Royal Bank of Scotland PLC and Rabobank — have previously reached settlements with U.S. and European regulators in which they admitted to making misleading Libor submissions to a U.K. trade association that calculated the benchmark interest...
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