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Bank of America Corp (NYSE:BAC) and other banks including UBS (NYSE:UBS), JP Morgan (NYSE:JPM) have been hauled to court by Federal Home Loan Mortgage Corp (FMCC) for their alleged manipulation of the London Interbank Offered Rate (Libor), which caused the mortgage agency huge losses on its assets linked to the said rate. The banks and the British Bankers Association have been accused of fraud, violations of antitrust law and breach of contract and Freddie Mac is seeking compensation for financial loss, punitive damages and treble damages for violations of the Sherman Act.
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