LONDON, April 29 The first UK court case linked
to a complaint over the alleged rigging of Libor interest rates
has been delayed until next year to allow Barclays the
chance to hear if an appeals court dismisses part of the case.
Guardian Care Homes, a residential carehome operator based
in Wolverhampton, England, is suing Barclays for up to 70
million pounds ($108.44 million) in a claim that it was mis-sold
interest rate hedging products that were based on Libor.
The trial is seen as a test case for small British firms who
believe they were mis-sold such swaps and raises the prospect of
other companies linking future claims to interest rate rigging
Barclays has appealed a decision by Julian Flaux, the judge
in the case at London's High Court, which allowed Guardian Care
Homes to include claims relating to Libor manipulation in its
case against the bank.
Flaux said on Monday said the start of the trial should be
delayed until April 2014 so that Barclays' appeal can be heard.
The Guardian Care Homes case is the first to link a
complaint over the alleged mis-selling of products to the
investigation into attempts to manipulate Libor and other
benchmark interest rates.
Barclays was the first bank to be fined for trying to game
Libor, and the court case is shining a light on those involved
in its interest rate-setting process.