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Risk Management

Fannie Mae sues nine banks over Libor

October 31, 2013 Reprints

(Reuters) — Fannie Mae on Thursday sued nine banks alleging manipulation of interest rates.

The mortgage finance company filed its lawsuit in the U.S. District Court in Manhattan. Smaller rival Freddie Mac filed a similar lawsuit in March against more than a dozen banks.

"Fannie Mae filed this action to recover losses it suffered as a result of the defendants' manipulation of Libor," a spokesman said. "We have a responsibility to be good stewards of our resources."

The bank defendants in the Fannie Mae lawsuit include Bank of America Corp., Barclays P.L.C., Citigroup Inc., Credit Suisse Group A.G., Deutsche Bank A.G., JPMorgan Chase & Co., Rabobank, Royal Bank of Scotland P.L.C. and UBS A.G.

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Fannie Mae sues nine banks over Libor

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