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U.K.: Unprecedented case in Barclays trial over alleged LIBOR manipulation

By  |  October 30, 2012

In the first instance of its kind, Barclays bank has been ordered to stand trial over its alleged manipulation of the LIBOR interest rate. Barclays is being sued by Guardian Care Homes for up to 37 million pounds, accusing the bank of misleading the residential home care operator in swap sales. Guardian Care Homes has also asked for documents to be released to the public on the issue, which may lead to new insight into the LIBOR scandal. The case will have unprecedented, far-reaching implications throughout the U.K., Europe and the U.S., as thousands of smaller firms have also alleged mis-selling of swaps by Barclays and other banks.

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