RBS Official Told Hedge Fund About Libor Fixing, Lawyer Says
- Property group suing RBS over interest-rate derivatives
- One e-mail about Libor said `best not to forward this please'
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A Royal Bank of Scotland Group Plc executive told a client at Brevan Howard Asset Management 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.
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.