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Barclays first to settle in Libor interest rate scandal


By Melissa Lesh

08 April 2014 at 09:49 BST


Barclays agreed to restructure the £70m debt owed by the Guardian Care Homes owner in exchange for Graiseley Properties dropping their interest rate swap case against the bank.

Barclays agreed to restructure the £70m debt owed by the Guardian Care Homes owner. Kiev.Victor

Graisely Properties accused Barclays of mis-selling its interest rate swap to manipulate the Libor benchmark, and the bank settled with Graisely before going to trial.  The process would have forced Barclays to disclose as many as 200,000 documents and take up to six weeks.  Barclays said: “In order to support the ongoing viability of Graisely’s care home business, the parties have agreed to a commercial restructuring of Graiseley’s debt, which reflects the impact of changes in conditions in this sector over the past few years.”  Source: Financial Times

 
   
 
 
 

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