LIBOR Manipulation Claims

In November 2013, the Court of Appeal delivered its long-awaited judgment in the cases of Graiseley Properties Ltd and others v Barclays Bank Plc and Deutsche Bank and others v Unitech Global Limited [2013] EWCA Civ 1372. The appeals, which were heard together, form part of ongoing proceedings in what are seen as test cases for claims relating to LIBOR.

• The claimants were allowed to amend their original statements of case to include claims for fraudulent misrepresentation on the basis of a number of implied representations relating to the accuracy of each bank's LIBOR submissions.
• The claims relate to interest-rate swap mis-selling. The claimants assert that the Bank mis-sold interest rate swaps, containing rates referenced to LIBOR, on the basis that they were suitable products when they were not.