Tweet
Barclays is vigorously contesting the lawsuit Photo: ALAMYGuardian Care Homes is claiming about £38m from Barclays as part of a lawsuit against the bank over what the company alleges were millions of pounds of interest rate swaps wrongly sold to it by the lender's investment banking arm.
Barclays is vigorously contesting the lawsuit and is expected to ask the court to throw out the Libor-rigging claims, which it is set to argue are not relevant to the mis-selling case.
The claims will be heard in the London High Court before Lord Justice Julian Flaux and is viewed in the legal industry as a likely test case for how the English courts will decide on swap mis-selling and Libor-rigging cases.
In June, Barclays admitted attempting to manipulate Libor, paying £290m in fines to the British and US authorities to settle their investigations.
Lawyers for Guardian Care Homes will argue that Barclays' admission of Libor-rigging means that any interest rate derivatives sold by the bank should be voided, a precedent which agreed could open the lender and other banks found to be involved in manipulating borrowing rates to billions of pounds in legal claims from customers.
http://www.telegraph.co.uk/finance/r...ng-claims.html
