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April 11, 2014

Barclays settles second Libor-linked UK court case

“(Reuters) – Barclays (BARC.L) has settled its second lawsuit in a week that alleged the British bank had mis-sold products that were tied to Libor benchmark interest rates.”

“Barclays said on Friday it had reached a compromise in its proceedings with Portugueseconstruction and property firm Domingos Da Silva Teixeira in London’s Commercial Court.”

“Following discussions between the parties, a commercial resolution has been reached as to the Commercial Court proceedings,” Barclays said in a statement.

“No other details were released.”

“The Portuguese company had filed a 11.1 million euro ($15.4 million) claim of mis-selling against Barclays, and had been given permission to add allegations of Libor-rigging to the claim, the Financial Times reported.”

“Barclays this week also reached a settlement with a UK care home operator in what had been seen as a test case over whether customers could sue the bank for mis-selling after it was fined $450 million in 2012 for manipulating Libor rates.”

“Guardian Care Homes had sued Barclays for 70 million pounds, claiming that interest rate hedging products it was sold by the bank were invalid because some of the products’ prices were linked to Libor rates that were rigged. Barclays said Guardian owed it the same amount, and was trying to get out of repaying its debt.”

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Read full Reuters article here.

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