{"id":5552,"date":"2013-12-14T00:00:00","date_gmt":"2013-12-14T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/12\/fannie_mae_sues_ubs_bank_of_am"},"modified":"2022-03-10T16:38:23","modified_gmt":"2022-03-10T22:38:23","slug":"fannie-mae-sues-ubs-bank-of-am","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/fannie-mae-sues-ubs-bank-of-am\/","title":{"rendered":"Fannie Mae Sues UBS, Bank of America, Credit Suisse, JPMorgan Chase, Citigroup, & Deutsche Bank, & Others for $800M Over Libor"},"content":{"rendered":"\n

Fannie Mae is suing nine banks over their alleged collusion in manipulating interest rates involving the London Interbank Offered Rate. The defendants are Bank of America (BAC)<\/a>, JPMorgan Chase (JPM)<\/a>, Credit Suisse, UBS (UBS), Deutsche Bank (DB), Citigroup (C)<\/a>, Royal Bank of Scotland, Barclays, & Rabobank. The US government controlled-mortgage company wants over $800M in damages.<\/p>\n

Regulators here and in Europe have been looking into claims that a lot of banks manipulated Libor and other rate benchmarks to up their profits or seem more financially fit than they actually were. In its securities fraud lawsuit, Fannie Mae contends that the defendants made representations and promises regarding Libor\u2019s legitimacy that were \u201cfalse\u201d and that this caused the mortgage company to suffer losses in mortgages, swaps, mortgage securities, and other transactions. Fannie May believes that its losses in interest-rate swaps alone were about $332 million.<\/p>\n

UBS, Barclays, Rabobank, and Royal Bank of Scotland have already paid over $3.6 billion in fines to settle with regulators and the US Department of Justice to settle similar allegations. The banks admitted that they lowballed their Libor quotes during the 2008 economic crisis so they would come off as more creditworthy and healthier. Individual traders and brokers have also been charged. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Fannie Mae is suing nine banks over their alleged collusion in manipulating interest rates involving the London Interbank Offered Rate. The defendants are Bank of America (BAC), JPMorgan Chase (JPM), Credit Suisse, UBS (UBS), Deutsche Bank (DB), Citigroup (C), Royal Bank of Scotland, Barclays, & Rabobank. The US government controlled-mortgage company wants over $800M in […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3751,3820,3817,3818,3752,3958,4027,3755],"tags":[],"class_list":["post-5552","post","type-post","status-publish","format-standard","hentry","category-bank-of-america","category-citigroup","category-credit-suisse","category-deutsche-bank","category-financial-firms","category-jp-morgan-chase","category-libor-scandal","category-ubs"],"yoast_head":"\nFannie Mae Sues UBS, Bank of America, Credit Suisse, JPMorgan Chase, Citigroup, & Deutsche Bank, & Others for $800M Over Libor — Investor Lawyers Blog — December 14, 2013<\/title>\n<meta name=\"description\" content=\"Fannie Mae is suing nine banks over their alleged collusion in manipulating interest rates involving the London Interbank Offered Rate. 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