Barclays to stand trial over Libor
Oct 30, 2012
High Court judge rules Guardian Care Homes could sue for alleged mis-selling of financial products
Barclays is to stand trial for Libor rigging in Britain after a High Court judge yesterday ruled that Guardian Care Homes could sue for alleged mis-selling of financial products, according to AFP. The care homes provider claims it was sold two interest rate swaps without knowing the underlying rate could be "undermined" by manipulation. The trial will probably go ahead in late 2013. According to The Daily Telegraph, Barclays will be forced to provide to Guardian’s legal team the names of members of staff responsible for Libor manipulation. The case potentially opens the door to billions of pounds’ worth of further claims against other banks implicated in the Libor scandal. Barclays says the case has no merit.
For further concise, balanced comment and analysis on the week's news, try The Week magazine. Subscribe today and get 6 issues completely free.