The Court of Appeal gave judgment today in Graiseley Properties Ltd & Ors v Deutche Bank AG & Ors [2013] EWCA Civ 1372. It decided that pleas based on implied representations regarding LIBOR could be included in proceedings against two banks. Lord Justice Longmore observed that the banks had proposed the use of LIBOR in their contracts and it was therefore arguable that they were, at the very least, representing that their participation in the setting of LIBOR was honest. The banks' rejection of this limited proposition was, in his Lordship's view, surprising.
Friday 8 November 2013
UK: England and Wales: Court of Appeal decides that LIBOR claims can be included in proceedings against banks
The Court of Appeal gave judgment today in Graiseley Properties Ltd & Ors v Deutche Bank AG & Ors [2013] EWCA Civ 1372. It decided that pleas based on implied representations regarding LIBOR could be included in proceedings against two banks. Lord Justice Longmore observed that the banks had proposed the use of LIBOR in their contracts and it was therefore arguable that they were, at the very least, representing that their participation in the setting of LIBOR was honest. The banks' rejection of this limited proposition was, in his Lordship's view, surprising.
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