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The aftermath of the financial crisis uncovered many nefarious financial market activities. Among them was the tradition, among banks, of manipulating the LIBOR rate. A major US antitrust class action ensued and countless other complaints materialized.
That the LIBOR fixings were manipulated was an open secret among financial market participants stretching back to the late 1980s, but in the wake of fines and civil settlements, regulators have decided to disband LIBOR as a benchmark for determining the reset rate for loans, swaps, and other derivative products.