Barclays Libor Court Case Delayed Until Next Year
The claim of Guardian Care Homes (GCH) against Barclays has been postponed whilst Barclays challenge aspects of the High Court’s decision.
The trial is the first UK trial of alleged fraud manipulation of Libor rates and will now be held in April 2014.
Guardian Care Homes are suing Barclays for the sum of £70million alleging that they had been mis-sold interest rates of hedging products based on Libor.
Kevin Durkin head of financial mis-selling thinks that the case holds a lot of weight within the industry.
“The issue of LIBOR and the role it could play within financial mis-selling is potentially massive in terms of delivering compensation to it’s victims.
He thinks that it is beneficial to the case that it has been pushed back.
“Whilst resolution of this test case has been set back until April 2014 to allow Barclays to appeal this case management decision it remains critical that the courts final judgement after a trial is the right judgement so that all parties know their respective positions and can gauge whether or not they have a financial mis-selling case.”
Earlier in the year Barclays were made to reveal the names of over 100 employees identified in regulatory findings as part of the June £290m Libor settlement.
Barclays carried out three internal investigations in relation to Libor.
The provisional date for the trial is 29 April 2014.