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Barclays Slams Municipalities' Libor-Linked Loans Suit

Law360, London (March 13, 2019, 5:45 PM GMT) -- Barclays Bank PLC has fought back against a lawsuit filed by a handful of local authorities in England over hundreds of millions of dollars of loans linked to an interest rate benchmark allegedly rigged by the bank, saying the municipalities had failed to back their fraud claims.

The local authorities, including Greater Manchester and Leeds, allege in their litigation that claims made by the banking giant about the London Bank Interbank Offered Rate, known as Libor, were material to their decisions to enter into the loan agreements between 2006 and 2008. The six city councils and one other local authority said...

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