Freddie Mac sues more than a dozen banks over alleged manipulation of Libor
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Colourful flowers are seen in this Aug 11, 2010 photo, at the entrance to the Freddie Mac offices in McLean, Virginia. Freddie Mac is suing more than a dozen banks for losses from the alleged manipulation of the benchmark interest rate known as Libor. -- FILE PHOTO: AFP
NEW YORK (REUTERS) - US mortgage finance company Freddie Mac is suing more than a dozen banks for losses from the alleged manipulation of the benchmark interest rate known as Libor.
Bank of America Corp, JPMorgan Chase and Co, UBS AG and Credit Suisse Group AG are among the banks named as defendants in the lawsuit.
Freddie Mac, which invested in mortgage bonds and swaps tied to US dollar Libor, claims the banks colluded to rig the benchmark from 2007 to 2010, according to the complaint, which was filed on March 14 in US District Court for the Eastern District of Virginia.
Freddie Mac sued for undetermined damages.
