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US: Freddie Mac wants in on LIBOR scandal with new lawsuit

By  |  March 20, 2013
US: Freddie Mac wants in on LIBOR scandal with new lawsuit

Freddie Mac is reportedly getting involved in fighting the LIBOR scandal with its own lawsuit against more than a dozen banks, including Bank of America Corp., UBS AG and JPMorgan Chase & Co., for their alleged involvement in the manipulation of loan rate setting in London. The government-owned enterprise claims the banks’ alleged violations suppressed the US Dollar LIBOR to “boost their profits,” according to the complaint filed in Virginia. A lawyer representing Freddie Mac said in the complaint that the collusion lead to artificially low USD LIBOR rates. It is the latest development in the sector’s most wide-spread and long-lasting scandal.

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