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U.S. Home Owners File Class Action Suit Vs Banks Over Libor Including Barclays PLC, Bank of America Corp, UBS AG-Reuters


Sunday, 14 Oct 2012 10:21pm EDT 

Reuters reported that U.S. home owners have filed a class action suit in New York against 12 banks, claiming that Libor manipulation made mortgage repayments more expensive than they should have been, the Financial Times reported on October 15, 2012. The five lead plaintiffs include Annie Bell Adams, a pensioner who had her home repossessed and whose subprime mortgage was securitised into Libor-based collateralised debt obligations and sold by banks to investors, the FT said. The suit alleges that traders at banks in Europe and North America, including Barclays PLC, Bank of America Corp and UBS AG were incentivised to manipulate the London interbank offered rate (LIBOR) to a higher rate on certain dates on which adjustable mortgage interest rates were reset. 

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