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…
If you are registered and logged in to the site, click on the link below to read the rest of the Walker Morris briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Walker Morris
News from The Lawyer
Briefings from Walker Morris
Also: defining ‘building’ in planning policy; and more
Notices served in the first four months of an assured shorthold tenancy will be invalid, and other changes
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
The law school war shows no signs of ending. But we have, perhaps, reached the end of the beginning.