Barclays may have to reveal Libor names to UK court
LONDON (Reuters) - Barclays faces having to hand over the names of more than 200 staff involved in the setting of Libor interest rates to a UK court.
The British bank, which was fined $450 million in June by U.S. and UK authorities after admitting to rigging the global benchmark rate, has submitted about 30 names of employees in the UK High Court case but the claimants have asked for far greater disclosure.
In what is seen as a test case for interest rate hedging product mis-selling, the process is also set to reveal more information about the setting of Libor rates, which remains under investigation at Barclays and about a dozen other banks.
Guardian Care Homes, a residential care home operator based in Wolverhampton, is suing Barclays for up to 37 million pounds over the alleged mis-selling of interest rate swaps, which were based on Libor rates.
Justice Julian Flaux on Wednesday heard arguments from both sides in private and said he would make a decision on how much needs to be disclosed later in the day. (Editing by Hans-Juergen Peters)