Barclays will this week attempt to dismiss a £70m legal claim over complex interest rate hedging products it sold to a care home operator in what is seen as the first major court case linked to Libor-rigging.
The Daily Telegraph reports that the bank is appealing against a High Court judgment that it must defend at trial allegations that its attempts to manipulate interest rates constitute sufficient grounds to cancel several interest rate swaps sold to Guardian Care Homes.
The hearing in London is expected to last three days and will see the bank’s lawyers try to strike out the Libor element of the Wolverhampton-based company’s case, which Barclays denies is relevant to any claim of mis-selling.
The case has already seen Barclays lose an attempt to keep private the names of 104 employees named in documents linked to the US and British investigation into its attempts to manipulate Libor that last year saw the lender fined £290m.
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