US mortgage giant Fannie Mae has sued nine banks including UBS and Credit Suisse for the alleged manipulation of key interbank lending rate Libor.
The US mortgage financier in its lawsuit filed to the US District Court in Manhattan has alleged that it lost money on a range of financial products as a result of manipulation of Libor.
Go deeper with GlobalData
Fannie Mae is seeking more than US$800 million in damages.
The other seven banks being sued are Barclays, RBS, Deutsche Bank, Bank of America, Citibank, JPMorgan, and Rabobank.
Many of those have already admitted wrongdoing and settled with regulators. Barclays, UBS and RBS have paid fines totalling US$2.5 billion in regards to the charges, Rabobank and European financial firm ICAP have also paid Libor-related fines; overall, these five banks have paid US$3.7 billion in settlements with US and UK regulators.
In March this year, mortgage financier Freddie Mac also sued more than a dozen banks over similar allegations.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataFreddie Mac and Fannie Mae use Libor to determine interest payments on their investments in floating-rate financial instruments such as bonds and swaps.
