As mentioned above, this case will provide valuable insight into the courts’ approach to swap claims arising out of the manipulation of Libor.

The claimant alleges that the defendant made representations concerning Libor in relation to interest rate hedging product agreements entered into by the parties and that the defendant:

  • breached the implied warranty that these representations were true •
  • breached various implied terms of the relevant customer agreement in relation to Libor.

In January 2016, on application of the bank, the case was transferred to the new Financial List. The trial in this case commenced on 26 May 2016. It will be worth monitoring this case to identify the wider approach of the court to claims based on breach of implied terms not to manipulate Libor.

The claimant has instructed Brick Court’s Tim Lord QC, Kyle Lawson, Ben Woodgar and XXIV Old Building’s Adam Cloherty. The defendant has instructed Fountain Court’s David Railton QC and Adam Sher.