The Securities Litigation Expert Blog

First Libor-Based Swap Case Filed in UK

Posted by Jack Duval

Oct 30, 2012 3:05:02 AM

Reuters reports that Guardian Care Homes is suing Barclays over Libor-based interest rate swaps.  (Reuters)  Although it is a small claim of $59 million, it has big implications and will be watched carefully.

The article has one staggering fact:

Britain's financial regulator has estimated that about 44,000 interest rate swaps have been wrongly sold to UK companies since 2001.

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Topics: Swaps, LIBOR, litigation, Guardian Care Homes, investments, Compliance, Barclays

RMBS Litigation... It's Back

Posted by Jack Duval

Oct 3, 2012 6:16:47 AM

Just when you thought it was safe to say the RMBS suits were behind us, they're back with a vengeance.  As always, Lowenstein Sandler has it covered, in their excellent Structured Finance Litigation Blog.  Links follow:

  • New York AG Sues JP Morgan (SFB)

  • FHFA Sues HSBC (SFB)

  • HSBC Files Putback Action Against Deutsche Bank (SFB)

  • NCUA Sues Barclays (SFB)

  • Homeward Residential Files Putback Action Against Sand Canyon (SFB)

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Topics: Structured Finance Litigation Blog, Lowenstein Sandler, litigation, Homeward Residential, FHFA, HSBC, Deutsche Bank, Sand Canyon, JP Morgan, RMBS, New York Attorney General, NCUA, Barclays

Reuters - New York Fed Knew about LIBOR Fixing in August 2007

Posted by Jack Duval

Sep 14, 2012 6:17:19 AM

Reuters is reporting here that it is likely the New York Fed knew about LIBOR rate fixing... back in August 2007.  It then investigated Barclays in the Spring of 2008 and shared their findings with the UK regulators.

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Topics: LIBOR, litigation, New York Fed, Barclays, Reuters

LIBOR CFTC Settlement with Barclays

Posted by Jack Duval

Aug 31, 2012 2:56:29 AM

While not exactly breaking news, I just came across this settlement filing by the CFTC with Barclays over the LIBOR fixing.  For those of you in the compliance world, this is great reading.  The filing can be found here.

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Topics: LIBOR, litigation, Compliance, CTFC, Barclays

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