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Credit Union Regulator Wants Out Of $590M In Libor Deals

Law360 (March 6, 2019, 2:18 PM EST) -- The National Credit Union Administration board has asked a New York federal court to overlook its tardiness and exclude it from $590 million in settlements with Barclays, Citigroup, Deutsche Bank and HSBC over allegations the banks schemed to manipulate Libor for short-term loans.

The board told the court Monday that its failure to submit a formal opt-out notice was an accidental omission and said the board had been clear it intended to opt out of any class settlements and continue litigating against the banks.

“That conduct unambiguously reflected NCUA’s desire to be excluded from any class proceedings and to pursue individual...

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