Fannie Mae sues 9 giant banks over Libor losses

Fannie Mae Thursday sued nine giant banks plus the British Bankers Association over some USD 800 million in losses due to alleged rate-rigging manipulation in the latest fallout from the Libor scandal.

AFP| Last Updated: Nov 01, 2013, 11:54 AM IST

Washington: Fannie Mae Thursday sued nine giant banks plus the British Bankers Association over some USD 800 million in losses due to alleged rate-rigging manipulation in the latest fallout from the Libor scandal.

Fannie Mae, citing recent settlements involving four of the banks, said it lost USD 332 million in interest-rate swaps with the defendant banks, with the other losses in trades with other counterparties.