Investor Bulks Up Libor Claims In Lloyds Swaps Dispute

Law360, London (July 5, 2019, 4:57 PM BST) -- A property investment firm has updated its suit that claims Lloyds Bank PLC sold it unsuitable swaps tied to Libor, adding allegations that the bank gave it false assurances that it was not manipulating the key interbank rate.

Rajan Investments (UK) Ltd. is suing Lloyds Bank for breach of contract, fraudulent or negligent misrepresentation and breach of duty, claiming that the bank lied about how susceptible Libor was to manipulation when recommending interest-rate swaps in October 2007 and January 2008.

The firm, which invests in commercial and residential property, said in its amended claim that Lloyds told it that Libor was a...

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