Barclays Fund Gained on Libor Fixing, Lawsuit Says
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Barclays Plc ran a proprietary trading fund that profited from the bank’s attempts to manipulate benchmark interest rates, the plaintiff in the U.K.’s first lawsuit linked to Libor misconduct said.
Guardian Care Homes, which is suing to rescind an interest-rate swap linked to the London interbank offered rate, made the allegation at a hearing today, citing documents from a regulatory probe in Singapore. The company will call former Barclays’s Chief Executive Officer Robert Diamond to testify at a trial next year in London.