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Wednesday, July 4, 2012

Libor Scandal: U.S. lawyers prepare to sue financial firms for hundreds of BILLIONS over global interest rate-fixing

An American lawyer leading a class action suit in the United States has said that Barclays and other banks accused of rigging the Libor lending rate could be liable for hundreds of billions of dollars in damages.

‘There are thousands if not tens of thousands of entities that could possibly have a claim,’ said Michael Hausfeld, whose Washington-based firm Hausfeld LLP is co-leading the anti-trust class action case against 21 financial institutions.

His firm is receiving ‘inquiries on an hourly basis’ from potential plaintiffs seeking to join the 33 individuals and companies named in the class action, which was filed in New York in April.

Hausfeld LLP is also poised to launch legal actions in Asia and Europe, including the UK. Read More