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The ongoing Libor misselling feud between Guardian Care Homes (GCH) and Barclays is going to the Court of Appeal next week in a crucial simultaneous hearing with a case involving Deutsche Bank.
Deutsche Bank and Ors v Unitech and Anor will be heard at the same time as Barclays Bank vs Graiseley Investments & Ors (Guardian Care Homes) to establish whether misselling claims can be bought against the banks over hedging products known as swaps sold to GCH and Unitech (14 September 2012 ).
One Essex Court’s Stephen Auld QC has taken up the appeal for GCH, leading Outer Temple Chambers’ Farhaz Khan and Simon Oakes, instructed by litigation boutique Cooke Young & Keidanpartner Philip Young and consultant Len Murray.
This marks a change from the original line up over the original misselling case when Brick Court Chambers’ Tim Lord QC was instructed by Young in what was seen as a David and Goliath case (30 October 2012).
Lord is still understood to be working on the original case but not the appeal. He will appear in the High Court trial, if it goes ahead next year following the appeal.
Barclays’ adviser, Clifford Chance partner Ian Moulding, has retained 3 Verulam Buildings’ Adrian Beltrami QC, but South Square’s Robin Dicker QC has taken over as lead counsel for the appeal. South Square’s Jeremy Goldring QC is also now involved.
Moulding and Beltrami took on the case for Barclays in 2012, when GCH accused the bank of selling it derivative products which were unlikely to offer protection against rising interest rates (7 January 2013).
Last October Mr Justice Flaux threw out Barclays’ attempts to have the claim dismissed, but the bank appealed, arguing that Mr Justice Cooke had found for Deutsche Bank in an interlocutory hearing on a similar issue in February.
Unitech has appealed against that decision. 4 Stone Buildings’ John Brisby QC and Alastair Tomson and Michael D’Arcy of One Essex Court are instructed by Stephenson Harwood partner Richard Gwynne.
Deutsche Bank is defending two claims – a swaps claim and lenders claim. Brick Court’s Mark Hapgood QC and Fountain Court’s Timothy Howe QC and Adam Sher instructed by Freshfields partner Gillian Eastwood are acting for the swaps claim with Fountain Court’s Richard Handyside QC and Adam Zellick acting for the lenders claim instructed by Allen & Overy partner Andrew Denny.
The legal line-ups:
Barclays vs Graiseley Investments & Ors
For the claimants/respondents, Graiseley Investments & Ors
One Essex Court’s Stephen Auld QC and Outer Temple Chambers’ Farhaz Khan and Simon Oakes, instructed by litigation boutique Cooke Young & Keidan partner Philip Young and consultant Len Murray
For the defendants/appellants, Barclays Bank
South Square’s Robin Dicker QC and Jeremy Goldring QC and 3 Verulam Buildings’ Adrian Beltrami QC, instructed by Clifford Chance partner Ian Moulding
Deutsche Bank and Ors v Unitech and Anor
For the claimants/respondents, Deutsche Bank
On the swaps action: Brick Court’s Mark Hapgood QC and Fountain Court’s Timothy Howe QC and Adam Sher, instructed by Freshfields partner Gillian Eastwood
On the lenders’ action: Fountain Court’s Richard Handyside QC and Adam Zellick, instructed by Allen & Overy partner Andrew Denny
For the defendants/appellants, Unitech
4 Stone Buildings’ John Brisby QC and Alisdair Thomson and One Essex Court’s Michael D’Arcy, instructed by Stephenson Harwood partner Richard Gwynne