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Thornburg Mortgage Incorporated

Baltimore lawyer pursues mortgage-related actions against banks

Baltimore lawyer pursues mortgage-related actions against banks

Since Baltimore City Hall contended in a federal lawsuit last year that a group of international banks conspired to keep a key interest rate benchmark low, more municipalities and private companies have started to investigate potential losses because of the alleged scheme.

Baltimore bankruptcy attorney Joel I. Sher is looking into whether banks' manipulation of Libor, the London interbank offered rate, caused a jumbo mortgage lender, Thornburg Mortgage Inc., to lose money though interest-rate swaps tied to the rate.

Suits over Libor would add to a collection of multibillion-dollar cases against some of the world's largest banks that he is overseeing.

Sher, 59, is the...

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