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Permission to plead LIBOR test cases

Permission to plead LIBOR test cases:  Graiseley Properties v Barclays Bank PLC; Deutsche Bank AG v Unitech Global Ltd [2013] EWCA Civ 1372

In the conjoined appeal of Graiseley Properties v Barclays Bank PLC; Deutsche Bank AG v. Unitech Global Ltd [2013] EWCA Civ 1372, the Court of Appeal has allowed the claimants in the Guardian Care Home and Unitech test cases to pursue their allegations against the two banks in relation to LIBOR rate manipulation by amending the pleadings to allege (inter alia) that the defendant banks made implied representations as to the efficiency of or the non-manipulation of LIBOR.

The Court of Appeal unanimously decided to allow the cases to proceed on the basis that it was important that the legal principles involved be decided, particularly the question whether ‘doing nothing’ can amount to a binding implied representation about the veracity or reliability of products.

[Decision of Flaux J. ([2012] EWHC 3093 (Comm)) permitting Graiseley claimants to amend pleadings upheld;  Decision of Cooke J. ([2013] EWHC 471 (Comm) refusing to permit Unitech claimants to amend pleadings reversed.]

For the judgment, click here.

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Date: 08/11/2013

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