News Column

Banking Barclays must provide more Libor case emails

February 1, 2014

Reuters

Barclays has been told to hand over thousands more emails and other documents from former bosses in a court case starting in April tied to the alleged manipulation of Libor interest rates. In the high court case, Barclays is accused by a residential care home operator of mis-selling products that were based on Libor rates. It is seen as a test case for whether the manipulation of Libor - which several banks around the world have admitted and been fined for - means deals such as interest rate hedges that were based on benchmark rates may have been mis-sold. In a pre-trial hearing yesterday, judge Julian Flaux said Barclays must produce documents from several executives and traders related to a fund that the bank ran. That includes emails and other correspondence from former chief executive Bob Diamond and investment bank bosses Rich Ricci and Jerry del Missier . The order could add up to 38,000 documents to the 220,000 produced for the case. Diamond, Ricci and Del Missier are among 23 witnesses being called for the trial, along with former finance director Chris Lucas . Reuters


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Source: Guardian (UK)


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