Fideres provided comprehensive expert analysis in the groundbreaking Graiseley Properties Ltd & Ors v Barclays Bank Plc (Case No: 2012 FOLIO 1259) [2012] EWHC 3093 (Comm), the first case in England alleging LIBOR manipulation, examining fraudulent misrepresentations regarding interest rate benchmark integrity in derivative transactions.
Fideres conducted detailed analysis of Barclays’ manipulation of LIBOR submissions between 2005 and 2009, focusing on how the bank’s false representations about LIBOR being set as an independent benchmark induced Graiseley Properties into entering loan agreements and associated interest rate hedging products. The expert examination demonstrated how Barclays made misleading submissions to the British Bankers Association for commercial advantage while selling LIBOR-linked derivatives to unsuspecting clients.
The comprehensive expert analysis, covering complex derivative contracts and benchmark manipulation methodologies, contributed to Barclays’ decision to settle this landmark “test case” on the steps of the court just before the planned High Court trial. The settlement of this Guardian Care Homes case paved the way for numerous subsequent LIBOR manipulation claims against major banks, establishing crucial legal precedents for benchmark manipulation litigation.