Barclays Wants Libor-Tied Loan Lawsuit Dismissed

Law360, New York (September 13, 2012, 12:51 PM EDT) -- Barclays Bank PLC on Wednesday asked a California federal judge to throw out all claims against it in a putative class action alleging the bank's Libor manipulation drove up mortgage loan interest rates, saying the plaintiff's interest rate wasn't actually tied to Libor.

According to Barclays’ motion to dismiss, plaintiff Helen Galope’s claims that her mortgage loan interest rate was tied to Libor — a benchmark used to set interest rates for borrowing between banks — were “demonstrably false” and contradicted by her loan documents....
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