Barclays has fought back in its swaps mis-selling case against Guardian Care Homes, saying that the company had sufficient “market sophistication” to understand the product it was being sold.

In documents filed in the High Court, Barclays allege that at the time they bought the swap, the chief executive of Guardian Care Homes was attempting to load the business with “as much debt as he could” ahead of a £100m-plus stock market flotation. The bank, which is contesting the case, claims it met advisers from the investment bank, Rothschild, and the accountants, Grant Thornton, on the company’s behalf before the complex swap was signed. But Gary Hartland, chief executive of Guardian who is seeking damages in the region of £38m, dismissed Barclays’ defence saying it did not “explain the real circumstances behind what went on”....Read more here: Barclays fights care homes swaps case - Telegraph