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Barclays' Libor 'swaps' trial

Barclays is to face a full trial on 'swaps' based on Libor rates. A Wolverhampton-based care home operator will take on the banking giant in a landmark case at the High Court over claims it was mis-sold complex financial products.

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Guardian Care Homes responds to CMC ruling

Guardian Care Homes has responded to the ruling that allows the company’s claim to proceed to trial:

We are delighted that the judge has accepted our pleadings that Barclays should face fraud allegations in relation to attempted Libor-rigging and the aggressive selling of hedging products.

Barclays’ attempt to have this claim thrown out has now been wholeheartedly rejected by the judge.

Despite the fact that our claim has always had the Libor element, Barclays have to date refused to disclose information including the names of senior management involved in attempted rigging.

Mine is a small care home operator, and these products along with the conduct of Barclays throughout this process have had a hugely distressing impact on our staff and residents.

Today is a huge milestone with a trial now going forward to determine whether these financial products should be declared void. Our claim is not just based on mis-selling but on the effect of senior management at Barclays instructing the aggressive selling of swaps while attempting to rig Libor.

– Gary Hartland, CEO of Guardian Care Homes

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