RBS exec said told client about Libor support in 2007

RBS building

A Royal Bank of Scotland executive told a hedge fund client as early as August 2007 that banks were setting Libor rates to support their own trading, according to evidence from a U.K. lawsuit alleging that RBS’s misconduct has yet to be fully exposed.

Bloomberg News reports that Property Alliance Group, which is suing RBS over losses from interest-rate derivatives pegged to the benchmark, cited the evidence as it asked a London judge for permission to add allegations of fraud Thursday.

The group’s lawyer Timothy Lord read out material disclosed by RBS that he said showed wrongdoing went beyond what was set out by regulators in 2013 when they fined the bank $612m for hundreds of attempts to manipulate versions of the London interbank offered rate tied to the yen and Swiss franc.

To access the complete Bloomberg News article hit the link below:

RBS Official Told Hedge Fund About Libor Fixing, Lawyer Says

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