Lloyds Bank Unit Settles Swaps Suit With Property Developers

Law360, London (October 4, 2019, 5:35 PM BST) -- Two property investment and development firms have settled their lawsuit accusing a Lloyds Banking Group unit of improperly selling interest rate swaps in the wake of the last financial crisis, a London judge has said.

Munroe K Ltd. and Munroe K Luxembourg SA inked the confidential agreement with Bank of Scotland PLC in September, though the settlement was only disclosed Wednesday when a High Court judge stayed the case.

The companies accused Bank of Scotland of making false representations about the London interbank offered rate, or Libor, when selling the swaps between 2006 and 2008. Libor is a benchmark rate used...

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