FDIC Told To Beef Up Libor-Rigging Case Against UK Banks

By Christopher Crosby (March 18, 2021, 6:18 PM GMT) -- A London judge ordered the Federal Deposit Insurance Corp. on Thursday to explain how several failed U.S. lenders were damaged by U.K. banks allegedly manipulating a key benchmark interest rate during the 2008 financial crisis.

High Court Judge Robert Miles ordered the U.S. agency to disclose additional information about its case accusing several European banks and Britain's banking association of manipulating the U.S. dollar-denominated version of Libor.

The agency is suing on behalf of numerous failed banks that allegedly went under as a result of the interest rate manipulation. Though it has already agreed to turn over additional information on the...

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