Hedge funds ‘biding their time’ to file Euribor suits

Large US fixed-income funds moot rate-rigging legal action

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US hedge funds have expressed interest in suing investment banks over the manipulation of benchmark interest rates such as Euribor and Libor, but will not take action until more evidence is revealed, according to people familiar with the matter.

Large financial institutions are “biding their time” waiting for more details to emerge in particular from a critical European Union probe into rate-fixing allegations, say City litigation lawyers.

Libor, London’s benchmark interbank rate, provides the yar