BBC news is reporting today that a top US regulator has told the broadcaster the Libor rate was often ‘completely made up’ and there is a ‘lot more work to do’.
Mr Gensler is in the UK as the chairman of the Commodities Future Trading Commission and is due to meet the FSA and officials in London this week.
The Libor rate scandal continues after being uncovered in summer 2012 after it was claimed banks were rigging the value claimed as the cost of borrowing from other banks. The full extent of the issue remains unclear but it seems commentators are agreed the volume of compensatory payments will be significantly higher than first anticipated as the true scope of the rigging is revealed.
At Edward Hands & Lewis we are monitoring these events closely as we act for a number of clients adversely affected by the Libor rate scandal. We will continue to drive their cases toward resolution and if you wish to discuss your own financial claim please do not hesitate to contact Paul Stubbs on 0116 2665394 or by email addressed to email@example.com
Paul is our Managing Director in Leicester. All of our staff in Leicester are experts in their fields and dedicated to quality client care. If you would like to find out more about our solicitors in Leicester please contact us.
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