Court’s ruling a setback to banks
Print Edition
The headquarters of Deutsche Bank are pictured in Frankfurt. Deutsche Bank and Barclays failed yesterday to remove allegations of interest rate rigging from two ongoing lawsuits, meaning they could stand to lose millions of pounds. The Court of Appeal in London ruled the role both banks played in a global manipulation of the London interbank offered rate (Libor) was relevant to individual cases brought against them. The decision could open the door to many more cases being brought against banks by companies citing manipulation of Libor, which is used to price more than US$300 trillion of financial contracts around the world.
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