Barclays Faces Landmark Interest Swaps Misselling Claim

Law360, London (November 13, 2017, 2:28 PM GMT) -- Barclays Bank PLC is set to face an unprecedented legal claim in the High Court on Tuesday when a British couple become the first private individuals to sue a high street bank for allegedly misselling them complex interest rate hedging products.

Husband and wife Ramesh and Rana Parmar allege the U.K. lender missold them two complicated derivatives products by concealing a so-called "credit limit utilization" in the sale, which they claim was unsuitable and caused them to suffer substantial financial losses.

They accuse the bank of secretly securing around £300,000 ($393,000) over the customer's assets to protect itself from breakage costs,...

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