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Freddie Mac Sues Banks over Libor Rigging

Manipulation of rate may have cost Freddie and Fannie $3 billion, report says.

By Tom Schoenberg and Andrew Zajac, Bloomberg | Updated on March 20, 2013

Freddie Mac sued Bank of America Corp., UBS AG, JPMorgan Chase & Co. and a dozen other banks over alleged manipulation of the London interbank offered rate, saying the mortgage financier suffered substantial losses as a result of the companies’ conduct.

Government-owned Freddie Mac accuses the banks of acting collectively to hold down the U.S. dollar Libor to “hide their institutions’ financial problems and boost their profits,” according to a complaint filed in federal court in Alexandria, Virginia.

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