LIBOR misrepresentation claims will proceed to trial
By Nick Cross
The Court of Appeal has handed down its much anticipated judgment in Graiseley Properties Ltd and others v Barclays Bank plc, heard jointly with Deutsche Bank and others v Unitech Global Ltd and others. Both cases concern claims about the mis-selling of financial products linked to LIBOR.
In the first case, Graiseley Properties brought a claim against Barclays for rescission of two derivative contracts, linked to LIBOR, which it had entered into in conjunction with a loan facility, on the grounds that they had been unsuitable in the circumstances.
The Unitech case involved two separate claims: the ‘lender action’ in which Deutsche Bank and eight other lenders claimed repayment of a loan of $150m (£90m) against Unitech Global and its parent company Unitech as guarantor; and secondly the ‘swap action’ for $11m against Unitech in respect of an interest rate swap agreement, which was also pinned to LIBOR…
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