Outer Temple Chambers acts in first UK LIBOR claim

The Birmingham Mercantile Court recently refused an application by Barclays for an indefinite stay of proceedings in an interest rate swaps mis-selling case brought against Barclays Bank plc. Graiseley Investments Limited & Ors (the Guardian Care Group) v Barclays is notable as the first case in the UK which pleads Libor misrepresentation (issued in April 2012). Barclays sought to defer pleading a defence to the claim, and pause proceedings generally, until such time as a ‘redress’ scheme, the fact of which has been agreed between the FSA and number of banks including Barclays, had run its course. The precise details of the scheme are as yet unpublished. The scheme is itself unusual for the fact that it is not one imposed by the FSA under s.404 FSMA, but has been agreed to by the banks involved. The redress scheme will be overseen by a skilled person pursuant to s.166 FSMA.

HHJ Brown QC dismissed the application for a stay and gave Barclays until the 10th August to file and serve a defence.

Philip Young of Cooke, Young and Keidan LLP instructed Tim Lord, QC of Brick Court Chambers and Farhaz Khan of Outer Temple Chambers, for the Claimants.

News 2 Sep, 2012