Fannie lawsuit accuses banks of Libor manipulation

11/1/2013 | Bloomberg

Fannie Mae has sued nine banks, including Bank of America, JPMorgan Chase, Citigroup, Barclays, Deutsche Bank and Credit Suisse, for $800 million, alleging manipulation of the London Interbank Offered Rate. The lawsuit says the banks altered data used to establish Libor to profit from interest-rate derivatives, causing Fannie Mae to lose hundreds of millions of dollars. One internal audit suggests Fannie Mae and Freddie Mac might have lost as much as $3 billion combined.

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