Khan and Oakes of Outer Temple Chambers appear for Graiseley in Libor ‘test case’

Farhaz Khan and Simon Oakes of Outer Temple Chambers appeared for Graiseley in Barclays Bank plc v Graiseley Properties Ltd & Ors — the Libor ‘test case’.

The Court of Appeal dismissed Barclays’ appeal from the decision of Flaux J [2012]  EWHC 3093 (Comm) by which the claimants, Graiseley (members of the Guardian Care Homes group), were granted permission to amend their claim to plead fraudulent Libor misrepresentation and Libor implied terms.

Barclays argued that the Libor claims amounted to an ‘obligation to disclose one’s own dishonesty’, which was a cause of action unknown to English law. Longmore LJ stated that this was ‘not wholly free from doubt’ citing the judgment of Rix LJ in ING Bank NV v Ros Roca SA [2012] 1 WLR 472, but in any event such submission was inappropriate to an application for permission to amend (see the Judgment at [26]).

The Barclays appeal was heard together with the appeal by the claimants in two related cases from the decision of Cooke J in Deutsche Bank AG & Ors v Unitech Global Ltd & Or [2013] EWHC 471 (Comm). Unitech’s appeal was allowed including on Libor aspects.

The Graiseley claim will now proceed to trial before Flaux J commencing in April 2014.