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Principal Financial targets big banks in Libor lawsuit

Principal Financial targets big banks in Libor lawsuit

Aug 1 (Reuters) – Principal Financial Group Inc, a large asset management and insurance company, on Thursday filed a federal lawsuit accusing nearly 30 defendants, more than half of which are banks, of rigging global benchmark interest rates.

The lawsuit claims that the defendants conspired to depress the London Interbank Offered Rate (Libor), a rate at the heart of hundreds of trillions of dollars of financial products, from August 2007 to May 2010.

Principal said this caused it to earn less money from Libor-linked investments than if the price-fixing did not occur. The company sued in its hometown of Des Moines, Iowa.

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