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Barclays and RBS sued by Fannie Mae over Libor scandal

 

Nikhil Kumar
Friday 01 November 2013 01:00 GMT
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Barclays and the Royal Bank of Scotland are among nine banks being sued by the US mortgage market giant Fannie Mae over the alleged manipulation of the benchmark Libor interest rate.

In a case filed in the US yesterday, Fannie Mae sought damages for what it said were losses connected to the alleged misconduct in relation to the benchmark rate.

"Fannie Mae filed this action to recover losses it suffered as a result of the defendants' manipulation of Libor," the mortgage giant said, following in the footsteps of the Freddie Mac, its government-backed counterpart, which sued a number of international banks in connection with the same issue earlier this year.

The Fannie Mae suit names Barclays, RBS, Citigroup, Bank of America, Credit Suisse, Deutsche Bank, JP Morgan, Rabobank and UBS as defendants.

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