Lloyds Bank Fights Church Group's Suit Over Swaps Deals
Law360, London (December 17, 2020, 7:29 PM GMT) -- Lloyds Bank PLC has denied giving misleading advice to a religious charity and three clergymen after it was accused of making false representations about millions of pounds worth of swaps linked to Libor years before the bank's involvement in the scandal was revealed.
Lloyds hit back at a lawsuit filed by three representatives of the Elim Foursquare Gospel Alliance — a Pentecostal church organization — seeking damages for deceit over claims the lender wrongly declared it would not try to manipulate a key interest rate benchmark.
Elim, which, according to the Register of Charities, has approximately 500 churches in the U.K....
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