Claims Arising From LIBOR And EURIBOR Manipulation

More recent developments in the English courts have confirmed that companies who were adversely affected by LIBOR and EURIBOR manipulation may be entitled to bring claims to recover their losses. We summarise these ongoing developments below and explain how such claims may be brought.

Background—LIBOR manipulation

The LIBOR scandal involved certain London Interbank Offered Rates ("LIBOR") and Euro Interbank Offered Rate ("EURIBOR"). Several banks, including Barclays Bank Plc, Royal Bank of Scotland, Deutsche Bank, UBS AG and J.P.Morgan, were sanctioned for seeking to manipulate LIBOR and EURIBOR rates between 2005 and 2010.

They have been fined by law enforcement agencies worldwide, including the US Department of Justice, the UK Financial Conduct Authority and the European Commission.