LIBOR claims set to continue
Walker Morris has reported previously on the high-profile litigation arising out of the 2012 London Interbank Offered Rate (LIBOR) manipulation scandal. In the latest development, the Court of Appeal was recently tasked to referee two conflicting High Court decisions in respect of LIBOR-linked loan or swap agreements where, in both cases, the borrowers sought to amend their pleadings to claim false and fraudulent representations made by the lenders in relation to the setting of LIBOR.
The High Court in Graiseley Properties Ltd v Barclays Bank plc had permitted the borrower to amend their particulars of claim following LIBOR-fixing allegations, but in the Deutsche Bank AG litigation the court refused. The rationale for the High Court’s decision in Deutsche was that there was no real prospect of success of the proposed amending pleadings succeeding, since no representations had been made in respect of the credit swap agreements on the method of LIBOR calculation and the stated misrepresentations were too wide and uncertain to be realistically implied into the agreements…
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