FDIC Slams UBS Over Libor-Rigging Claim

Law360, London (November 5, 2020, 6:13 PM GMT) -- The Federal Deposit Insurance Corporation has told a London court that failed U.S. financial institutions weren't able to mitigate their exposure to interest rate-rigging during the last financial scheme because they didn't know about the secret scheme allegedly plotted by UBS and other major banks. 

In an Oct. 30 filing with the High Court, lawyers for the FDIC argued that it wasn't "remote or unforeseeable" that changes to the U.S. dollar-denominated version of Libor left U.S. lenders vulnerable to movements in the rate. 

U.S. lenders are not to blame for failing to mitigate their losses because UBS' alleged collusion with other major banks to...

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