Barclays' settlement over Libor-fixing claims gives immediate credibility to lawsuits worldwide...

|About: Barclays PLC (BCS)|By:, SA News Editor

Barclays' settlement over Libor-fixing claims gives immediate credibility to lawsuits worldwide against banks for buying financial instruments based on a manipulated rate. The sums are potentially huge as Libor is used to price pretty much everything rate-related. The BIS estimates the notional value of interest rate derivatives at $500T - even a tiny fraction would be a vast amount.