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.

Read more at ABC news online.


Large croc spotted at Sarina twice in two days

Premium Content Large croc spotted at Sarina twice in two days

WARNING: One resident was wary after hearing a ‘distinctive growling sound’

New board has sights set on ambitious recovery numbers

Premium Content New board has sights set on ambitious recovery numbers

Tourism Whitsundays appoints a new chair to lead the region into a post-COVID...

New cafe promises good brew, banter and bikes

Premium Content New cafe promises good brew, banter and bikes

Owners turned a deserted building in Airlie Beach into a mecca for meeting new...