U.K. Case Relating to LIBOR

It has been reported that Barclays is set to appear in the High Court in London on Monday, November 5th, to defend a £38 million claim filed by Guardian Care Limited over the alleged mis-selling of interest rate swaps by the bank. The litigation may be a test case as to how the English courts will approach litigation arising from LIBOR-related claims. Lawyers for the claimant are reportedly intending to argue that the bank’s involvement in LIBOR manipulation this summer should mean that any interest rate derivatives sold by Barclays are potentially voidable.