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…

Click on the link below to read the rest of the Bristows briefing.

Briefings from Bristows

View more briefings from Bristows

Browse This Firm’s


100 Victoria Embankment

Turnover (£m): 35.40
No. of Lawyers: 117