Barclays Plc (BARC) traders and employees who made submissions to set interest rates applied to a U.K. court asking for anonymity in the U.K.’s first civil lawsuit related to manipulation of the London interbank offered rate.
A hearing is scheduled for Jan. 21 to decide whether the bank’s staff implicated in the suit, filed by Guardian Care Homes Ltd. over a loss-making interest rate swap tied to the benchmark, can remain anonymous, according to court spokeswoman Rachael Collins in London.
Barclays was ordered to give affiliates of Guardian Care the identities of 208 employees named in the bank’s disclosure to regulators over the Libor-rigging allegations.
Guardian sued over the swap that cost it about 12 million pounds ($19 million), saying Libor -- the baseline for about $300 trillion of contracts worldwide -- can’t be trusted. In June, the lender was fined a record 290 million pounds after regulators found its investment bankers tried to manipulate the interest rate.
Kevin Roberts, a lawyer at Morrison & Foerster LLP representing some of the workers, didn’t immediately return a phone call and e-mail seeking comment., Jon Laycock, a Barclays spokesman, declined to comment.
The case is Graiseley Properties Ltd. & Ors. v. Barclays Bank Plc, High Court of Justice, Queen’s Bench Division Commercial Court, No. 12-1259.
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