Barclays Escapes UK Municipalities' Libor Loan Suits
Law360, London (February 22, 2021, 5:01 PM GMT) -- A judge said on Monday that eight local councils in England cannot get out of Libor-linked loans they signed with Barclays before the bank's involvement in the rate-rigging scandal was revealed because they could not prove the lender had acted dishonestly.
A High Court judge has said the local authorities could not prove that Barclays had knowingly made false representations when it sold the swaps. (Mike Kemp/In PIctures via Getty Images) High Court Judge Sara Cockerill said that two claims focusing on how interest rates tied to the loans were influenced by the London Interbank Offered Rate had "no real prospect of...
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