In the wake of the ongoing LIBOR scandal, corporations looking to fruitfully sue Barclays or any other bank on the basis of ill-gotten gain may find it hard to make a convincing case.
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In the words of a knowledgeable treasury expert who spoke on condition of anonymity, “We have struggled to find who the net losers are, apart from the banks themselves, and maybe some hedge funds.”
Between 2007 and 2009, Barclays (and perhaps other banks) deliberately submitted low interbank interest-rate data to the British Bankers’ Assn. (BBA), which calculates the London interbank offered rate (LIBOR). For the following reasons, it is difficult to see how corporates could have suffered as a result.
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