Libor Manipulation

If you have a Lloyds, HBOS or Bank of Scotland LIBOR loan or hedging product dated between 2006 and 2009, please click on our dedicated Lloyds page.

Muldoon Britton is at the forefront of litigation involving Libor manipulation and is increasingly active in this area.  We are well placed to deal with claims against banks arising out of the regulatory investigations in respect of both Libor manipulations. The firm’s lawyers are experts in financial disputes against banks and Libor manipulation claims are yet another cause of action where claimants are encouraged to come forward for a no obligation discussion.  In May 2015, Barclays became the first bank to be fined in relation to LIBOR manipulation. The U.S. Commodity Futures Trading Commission (CFTC) imposed a fine of $115m in relation to manipulation between 2007 and 2012, and published several examples of Barclays’ conduct in seeking to manipulate LIBOR to its financial advantage. LIBOR rates are calculated on the basis of a panel of submitting banks. LIBOR is used primarily to set the prices for the fixed leg of interest rate swaps, and also to determine the value of other financial instruments.

Investigations continue in relation to other banks which are being led by the FCA – we anticipate further fines and legal action will follow.

Our solicitors are experts in banking and finance disputes and have a successful track record of litigating against the major banks. We are experts in many of the complex financial instruments that are involved in these claims such as swaps, repos and other derivatives and structured products where LIBOR is a key component.

Should you have any LIBOR-linked financial products, our solicitors are available to discuss this matter