Barclays staff to be named in Libor rigging trial

By James Barnes

22 January 2013 at 11:57 BST

More than 100 current and former Barclays employees will be named in the rate-rigging trial later this year after a London High Court judge yesterday rejected their request for anonymity.

On their bikes to court

On their bikes to court

Mr Justice Flaux made the ruling against the 106 employees in relation to a lawsuit brought by Wolverhampton-based Guardian Care Homes against the bank -- the first British damages claim trial over the manipulation of the London interbank offered rate (Libor), reports the Financial Times newspaper.


The trial is scheduled to begin in October, and will be closely monitored as a test case for other litigation aimed at banks involved in the Libor scandal.
Lawyers for Barclays had argued that it would be unfair on the employees to be identified in media reports when the regulators chose not to identify them in their regulatory notices against Barclays.
The application for anonymity was opposed by four media organisations, including the Financial Times, The Times, The Daily Telegraph and the Bloomberg news agency.

No merit

‘We do not believe any aspect of the case has merit and are defending it,’ said Barclays of the underlying damages claim. ‘The fact that someone is named in hundreds of thousands of pages of documents following a wide-ranging three-year investigation in which no stone was left unturned does not necessarily mean that person was involved in any wrongdoing,’ Barclays added.


Also read...

AmLaw100 firm WSGR goes end-to-end

Tackling repetitive and low-value work, WSGR stated as first Am Law 100 firm to fully automate signing and closing process for entire practice area.