LONDON (Alliance News) - Barclays PLC and Royal Bank of Scotland Group PLC are amongst nine banks being sued by US mortgage giant Fannie Mae over losses relating to the Libor scandal, the BBC reported Friday.
The mortgage financer is seeking more than USD800m in damages. "Fannie Mae filed this action to recover losses it suffered as a result of the defendants' manipulation of Libor," a spokesman told the BBC.
Libor refers to the London interbank offered rate, which is an interest rate used as a benchmark in pricing trillions of dollars of financial products.
The nine banks being sued by Fannie Mae are Barclays, RBS, Rabobank, UBS, Bank of America, Citigroup, Credit Suisse, Deutsche Bank and JP Morgan Chase.
http://www.bbc.co.uk/news/business-24766326
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Barclays (BARC)