Banking On Bankers

Sascha Hindmarch outlines the pursuit of Libor-related claims

The Court of Appeal's decision at the end of last year in Graiseley Properties Ltd v Barclays Bank plc [2013] (appeal decision) confirmed that the door is open for claimants to plead implied representations against financial institutions in relation to the manipulation of London interbank offered rates (Libor) and/or Euro interbank offered rates (Euribor). With that comes the ability to rescind contracts entered into with financial institutions, potentially recovering previous payments made if misrepresentations (implied or otherwise) can be proved. However, while the door may be ajar it certainly remains arguable as to whether the floodgates have opened.