UBS Can't Shake FDIC's Libor-Rigging Claim In UK

Law360, London (July 27, 2020, 5:05 PM BST) -- A judge refused on Monday to allow UBS AG to escape a lawsuit filed by the U.S. Federal Deposit Insurance Corp. accusing the Swiss bank of manipulating Libor, ruling that evidence that the lender colluded with rivals did not emerge until years later.

A judge at the High Court has rejected the bank's application to strike out the lawsuit by arguing that the FDIC had brought its case too late. (iStock) Bankers and financial journalists had speculated as early as 2008 that the world's biggest banks had a collective interest in suppressing the London Interbank Offered Rate, or Libor, but it...

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