£500M Libor-Rigging Suit Against Lloyds Unit Put On Hold
Law360, London (March 16, 2020, 3:39 PM GMT) -- A £500 million ($615.8 million) High Court claim accusing a Lloyds Bank subsidiary of selling swaps linked to Libor-rigging that allegedly forced a company to reduce its global footprint to pay off its debts has been paused.
The suit, filed by property investor Scarborough Group Developments Ltd. against Bank of Scotland PLC, has been stayed for three weeks, according to a consent order signed off by Judge Richard Jacobs on March 12. No further details about the order were disclosed.
Lawyers for Scarborough Group could not be reached Monday. Representatives for the defendants declined to comment.
Scarborough Group claims that the...
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