Lloyds Bank Hit With Another Suit Over Libor-Tied Swaps
Law360, London (March 23, 2020, 5:08 PM GMT) -- A British property redevelopment company is suing Lloyds Bank PLC over millions of pounds worth of swaps linked to Libor that it was allegedly missold in the years before the bank's involvement in the scandal was revealed.
City & Country Residential Ltd. maintained in a High Court claim that it had a positive business relationship with the financial giant for decades. However, that relationship soured in 2002 when the bank began to misleadingly sell it inappropriate “complex interest rate hedging products” in connection with loans it took out, which exposed it to “considerable and unnecessary financial risk,” the developer said.
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