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Brick Court’s Tim Lord QC leading Outer Temple’s Farhaz Kahn, instructed by Cooke Young & Keidan partner Philip Young and consultant Len Murray
For the defendant Barclays Bank:
Clifford Chance partner Ian Moulding, instructed 3 Verulam Buildings’ Adrian Beltrami QC
Tim Lord QC
In October 2012 Mr Justice Flaux made history when he gave Guardian Care Homes permission to continue its Libor rate-fixing claims against Barclays. The substantive hearing is set to be heard by the judge over six weeks from October.
Litigators say the dispute will be closely followed by the banking community and, if successful, could be the next payment protections insurance (PPI) scandal.
Allowing the case to proceed to full trial in a court packed with reporters Flaux J said: “[It] seems perfectly obvious […] that the people responsible for giving those instructions [to manipulate Libor] must have known customers were being misled.”
Guardian Care Homes initially launched its £38m claim for alleged mis-selling of two interest rate swaps in 2007 and 2008. The operator of 27 care homes in the UK had bought the swaps to refinance two loans with Barclays.
This claim will be the first of its kind to reach the High Court and will provide the benchmark for all future Libor mis-selling claims.
Litigation boutique Cooke Young & Keidan will take on the might of Clifford Chance when the case gets to court.
Adrian Beltrami QC of 3 Verulam Buildings has been instructed for the bank. He will face Brick Court’s Tim Lord QC, who is instructed for the claimants.