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

By Max Stendahl (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 rate.

The other five banks targeted on Thursday — Deutsche Bank AG, Credit Suisse Group...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!