Consumer Financial Services Law Blog
Dykema Gossett PLLC
Dykema Gossett PLLC

Consumer Financial Services Law Blog

Consumer Financial Services Law Blog

News and analysis regarding Consumer Financial Services litigation and regulation, and activities of the Consumer Financial Protection Bureau


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Showing 1 post in LIBOR.

Freddie Mac Files Suit Against Major Banks Over LIBOR Rates: Will This Action Likewise Be Dismissed?

Although a federal court has recently dismissed about two dozen private suits based on similar allegations of wrongdoing,  the Federal Home Loan Mortgage Corporation (“Freddie Mac”) has likewise filed suit (3/14/13) in federal court for the Eastern District of Virginia against fifteen banks, including JPMorgan Chase Bank, Bank of America and Citigroup, claiming that the banks acted together to suppress the U.S. Dollar LIBOR interest rate (“USD LIBOR”) to hide financial problems and to boost profits from August, 2007 through May, 2010.  Also named as defendants are banks from the United Kingdom, Germany, Japan, Canada, and Switzerland.  Read More ›