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EU: Pension fund giants explore options in LIBOR claims

By  |  August 19, 2013
EU: Pension fund giants explore options in LIBOR claims

The Financial Times reported that some of Europe’s largest investors are currently exploring options to pursue claims against those accused of manipulating interest rate benchmark the London interbank offered rate, known as LIBOR. Reports say the investors include two of the EU’s largest pension funds, PGGM and AP7, are among those seeking legal options against the accused, which includes Barclays, UBS and Royal Bank of Scotland.

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    Investors are reportedly optimistic about bringing claims against the banks accused in the scandal thanks to major fines issued from US and EU authorities, which have fined a collective $2.6 billion to the three banks listed above for the alleged manipulation. Additional banks remain under investigation.

    PGGM confirmed it was “studying the case” of the LIBOR scandal, and reports say AP7 also confirmed its lawyers are exploring whether legal action against the accused is a viable option.

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