Lloyds Bank, Property Developer Settle £10.4M Swaps Suit

Law360, London (February 14, 2020, 6:29 PM GMT) -- A property investor has resolved his £10.4 million ($13.5 million) lawsuit accusing Lloyds Bank PLC of improperly selling interest rate swaps at the height of the financial crisis.

Timothy James Murphy has agreed to a confidential agreement with Lloyds, ending the two-year derivatives dispute, according to a consent order signed by Judge Jonathan Arkush on Wednesday. Under the terms of the arrangement, both parties can apply to the court to enforce the settlement without starting a new action. 

Murphy and his company, Mary Ward House Ltd., accused Lloyds of costing him millions of pounds in lost investment opportunities when it sold...

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