Barclays and Libor scandal claims’

Leading litigation lawyer Rodney Hylton-Potts said

Barclays’ problems have not stopped with the departure of Bob Diamond, and paying a record fine .They are liable for civil damages.

Housing Associations and insurers are examining past trades to determine whether they have a lost. Two main features of Libor manipulation could have caused a loss. Rates set with reference to the Libor rate may have been set too high, for example before Lehman’s failed in 2008. And fluctuations may have triggered counterparties’ ‘opt-in’ or ‘opt-out’ clauses on agreed trades.

The Bank of England should have been aware the Libor rates were incorrect. They may be a second defendant.

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