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Ex-Barclays boss Diamond set be called in UK court case
December 6, 2013 / 4:48 PM / 4 years ago

Ex-Barclays boss Diamond set be called in UK court case

LONDON (Reuters) - Former Barclays boss Bob Diamond and other past executives at the British bank are set to be called as witnesses next year in a court case relating to the alleged manipulation of Libor interest rates.

Barclays bank former Chief Executive Bob Diamond arrives at Portcullis House to attend a Treasury select committee hearing in Westminster, London July 4, 2012. REUTERS/Luke MacGregor

Barclays is being sued for up to 70 million pounds ($114 million) by Guardian Care Homes, a UK residential care home operator, which alleges the bank mis-sold it interest rate hedging products that were based on Libor.

Guardian said it wanted to call as witnesses former Chief Executive Diamond, former Finance Director Chris Lucas, ex-Chief Operating Officer Jerry del Missier, ex-investment bank boss Rich Ricci and other senior executives who it said appeared to be relevant to Libor.

A UK judge on Friday refused Barclays’ attempts to adjourn the trial, which is due to start in April.

Diamond and del Missier left Barclays last year shortly after the bank agreed to pay a $450 million settlement with U.S. and UK authorities due to the alleged manipulation of Libor. Lucas and Ricci both left earlier this year.

A British court last month ruled that Barclays’ alleged manipulation of Libor was relevant to the Guardian Care Homes case and could be included.

Barclays said the allegations of mis-selling Libor-linked interest rate hedging products to Guardian Care Homes had no merit and the addition of a claim based on what happened with Libor did not change its view.

It said Guardian had advisors and financial experience and owes it 70 million pounds. ($1 = 0.6127 British pounds)

Reporting by Steve Slater; Editing by David Holmes

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