Thursday 30 March 2023

Rabobank faces US lawsuit over Libor interest rate ‘conspiracy’

Photo: Wikimedia Commons

Photo: Wikimedia Commons

Sixteen banks, including the Netherlands’ Rabobank, will face a lawsuit in the US for conspiring to manipulate the Libor interest rate system after all.

The US appeals court on Monday reinstated a civil case accusing the banks of conspiracy, overturning a 2013 decision.

The appeals court said a lower court judge had made a mistake in dismissing the antitrust part of a private case against Rabobank, Barclays, Deutsche Bank and others, the Guardian reported.

The case is being fought by investors, including several US cities, who said the banks had colluded to boost their own fortunes to the detriment of others.

Rabobank paid €774m in out of court settlements to head off legal action in the Netherlands and Britain over the scandal.

Several former Rabobank staff members have been prosecuted in America, and the bank’s chief executive Piet Moorland and department head Sipko Schat lost their jobs. In addition, 14 bank workers faced disciplinary measures such as the loss of bonuses, and five were sacked for their role in the affair.

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