These two appeals result from the distortion or manipulation of the London Inter-Bank Offered Rate (‘LIBOR’) frequently used as a reference rate in the calculation of interest in loan agreements or swap agreements. In both the current appeals banks are endeavouring to recover sums due under such agreements and the borrowers (or their guarantors) have sought permission to amend their pleadings to allege (inter alia) that the banks made implied representations as to the efficiency of or the non-manipulation of LIBOR.
Longmore, Underhill LJJ, Sir Bernard Rix
[2013] EWCA Civ 1372
Bailii
England and Wales
Updated: 08 October 2021; Ref: scu.517462 br>