The LIBOR manipulation scandal came to light 2012 when it was discovered that the various banks were falsely inflating or deflating their rates so as to wrongly increase profits. Many Banks have been fined heavily for their conduct by the FCA.
We are currently advising a number of clients as to their potential losses caused by the wrongful manipulation of LIBOR.
Such claims are often linked to the mis-selling of financial products including Interest Rate Swaps.
If you consider that you have been financially affected by LIBOR scandal please contact one of our solicitors to discuss the matter further.
The Court of Appeal has just granted WW Property Investments Limited permission to appeal a decision made by His Honour Judge Kaye QC. This case is likely to be conjoined with the case of CGL Group Limited v The Royal Bank of Scotland and NatWest which we are dealing with and which is due to be heard by the Court of Appeal on 20 and 21 June 2017. His Honour Judge Kaye’s decision was to strike out the entirety of WW’s claim against NatWest and refuse WW permission to add a new claim. The Judges in the Court of Appeal granted WW permission to appeal because they considered arguments around LIBOR manipulation and the negligent conduct of the IRHP review scheme to be arguable.
This case represents welcome news for those customers who were mis-sold interest rate derivatives and were short-changed by inadequate offers in the IRHP review redress and consequential loss offers from major high street banks such as RBS, NatWest, Barclays and Lloyds. The CGL case that we are dealing with has been widely reported in this area.