Barclays Libor case to be heard in High Court
31st October 2012
A boutique law firm which holds some of the most prominent litigation solicitor jobs in London has won the right to take banking giant Barclays to the High Court over the Libor rate-fixing scandal.
A large Magic Circle practice failed in their attempt to have the case dismissed, and it has now been confirmed that it will be heard at the highest level of the UK judiciary, with the boutique firm in question representing the Wolverhampton-based Guardian Care Homes, who will serve to act as a symbol for all normal businesses and be a marker of what chance other SMEs have of earning remuneration as a result of the losses which were supposedly incurred.
Discussing his decision, Mr Justice Flaux rejected Barclays’ claims that intentional fraud did not take place against the claimant on a large scale, and that it seemed to him it was ‘obvious’ the bank’s officials would have known what was taking place at the time.