As was to be expected based on the current climate of ‘where there’s blame there’s a claim’, something which hit Britain very shortly after it had taken grip in America, companies are already working out how they can help members of the public and businesses make a libor claim .
There are a plethora of websites being set up as i type, some are already live offering people the chance to call or email to discuss a potential LIBOR claim with even more websites sitting dormant ready to pounce should it become clearer whether or not the banks are going to have to repay the money they stripped from the public as well as additional interest and more importantly – LIBOR compensation.
The First Libor Test Case in the UK
Guardian Care Homes, a company which claims to have been affected by the Libor rate rigging, launched a court case against Barclays plc very shortly after the Libor Scandal unfolded. Guardian Care Homes are a UK based company running care homes in Wolverhampton. They claim that the Libor rates being rigged is a miss-selling of interest rates on financial products that has ended up costing them 12 million pounds.
Barclays attempted to defer the case working on the assumption the judge would agree and think it more reasonable to wait and see what the FSA has to say about the Libor scandal but the judge declined the attempt to defer leaving Barclays little choice but to put a defense together. This case is being seen as a test case for Uk business looking get back at the banks. The case will go to trial should the judge deem that there is a case.