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US mortgage company Freddie Mac claims it suffered more than $3 billion in losses between 2007-2010 due to bank manipulation of Libor, a benchmark borrowing rate run by the British Banking Association.
Freddie Mac is suing more than a dozen banks, including Bank of America, JPMorgan Chase, UBS, CitiGroup, Royal Bank of Scotland, and Credit Suisse for setting the Libor low against the dollar to “both hide their institutions’ financial problems and to boost their profits,” according to the complaint. The complaint was filed March 14 in US District Court in the state of Virginia.
“Defendants’ fraudulent and collusive conduct caused USD LIBOR to be published at rates that were false, dishonest, and artificially low,” Richard Leveridge, a Freddie Mac lawyer wrote in the complaint, which went public on Tuesday.
Rest of today's links.
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