Ex-Trader Sues UBS for $400 Million Over Libor Manipulation

The former trader alleges UBS engaged in benchmark rate manipulation, seeking substantial damages related to the Libor scandal.

Summary

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Terms & Concepts
  • Libor: The London Interbank Offered Rate, a benchmark interest rate at which major global banks lend to one another.
  • Benchmark Rate Manipulation: The illegal act of influencing a benchmark interest rate to benefit certain positions or trades.
  • UBS: A multinational investment bank and financial services company headquartered in Switzerland.