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Barclays has won the right to try to dismiss the first attempt to bring it to court over its alleged rigging of Libor interest rates.
Guardian Care Homes is suing Barclays for up to £70m over accusations it was mis-sold interest rate hedging products that were based on Libor. The trial is seen as a test case for small British firms who believe they were mis-sold such swaps and raises the prospect of other companies linking future claims to interest rate rigging by banks. But Barclays has appealed a decision by Mr Justice Flaux, the judge in the case at London’s High Court, which allowed Guardian Care Homes to include claims relating to the Libor manipulation in its case against the bank. On Monday the judge said the start of the trial would now be delayed until April next year so that Barclays’ appeal over the Libor element of the case – which, it is alleged, amounted to fraudulent misrepresentation in the sale of the interest rate swaps – can be heard......Read more here
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Libor link in Guardian Care Homes legal case against Barclays - allaboutFORUMS
Barclays fights care homes swaps case - allaboutFORUMS
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The bank will attempt to dismiss a £70m legal claim over complex interest rate hedging products it sold to Guardian Care Homes
Barclays will this week attempt to dismiss a £70m legal claim over complex interest rate hedging products it sold to a care home operator in what is seen as the first major court case linked to Libor-rigging. The bank will tomorrow appeal against a High Court judgment that it must defend at trial allegations that its attempts to manipulate interest rates constitute sufficient grounds to cancel several interest rate swaps sold to Guardian Care Homes. The hearing in London is expected to last three days and will see the bank’s lawyers try to strike out the Libor element of the Wolverhampton-based company’s case, which Barclays denies is relevant to any claim of mis-selling.....Read more here