The Royal Bank of Canada is among 16 major banks that are facing lawsuits alleging that they hurt investors in Libor-tied securities by rigging an interest rate benchmark.

Bloomberg reports that the banks could be bankrupted if the case proceeds as there could be billions of dollars to pay in damages in addition to already-agreed penalties.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: