Aust lawyers look at Libor suit
LAWYERS are examining what losses have been suffered in Australia as a result of the Libor-fixing scandal rocking financial markets.
Regulators fined the British bank Barclays around $450 million for manipulating the Libor, a key international benchmark interest rate.
Slater & Gordon has told PM it is putting together a class action on behalf of businesses and investors who have used financial products that reference the Libor.
A practice group leader with the law firm, Van Moulis, says the losses in Australia are likely to be substantial.
"It would be very likely in the billions of dollars, the publicity coming out of the inquiry in England has estimated trillions of dollars worth of losses on a global basis," he said.
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