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UBS Says FDIC's Competition Claim Over Libor Is Too Late

Law360, London (November 14, 2018, 8:59 PM GMT) -- UBS AG urged a London judge on Wednesday to strike out a claim from the U.S. Federal Deposit Insurance Corp. that alleges it colluded with other banks to suppress a key interest rate benchmark, arguing the FDIC waited too long to file the suit.

Brian Kennelly QC, counsel for UBS, disputed the FDIC’s claim that it could only have pled the “cause of action” at the heart of the suit from June 2012 when regulators first began publishing enforcement notices against the banks over the manipulation of the London Interbank Offered Rate, or Libor.

He told Judge Richard Snowden that the...

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