Lloyds Settles Developer's Libor-Rigging Swaps Suit

Law360, London (October 24, 2019, 1:43 PM BST) -- A property company has dropped its swaps misselling claim against Lloyds Banking Group PLC that accused senior executives at the bank of condoning traders’ attempts to rig a key interest rate benchmark for profit.

The property company had alleged in the High Court claim that it was part of the culture among among bank bosses at Lloyds to manipulate the Libor rate. (AP) The claim, filed by Jonathan Welsby, director of Yorkshire-based Bluesight Ltd., was dismissed by consent of both sides, according to an order handed down at the High Court on Monday.

“We can confirm that a commercial agreement has...

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