Care home group sues Barclays for £37m over LIBOR rigging

A care home group is suing Barclays for £37m over the rigging of LIBOR in a landmark case which could force the bank to disclose the names of managers involved in the scandal.

Wolverhampton-based Guardian Care Homes bought over £70m worth of "swaps" from the bank in 2007 to protect itself against interest rate spikes. However, it claims Barclays deliberately sold a product that depended on the LIBOR benchmark, even though senior management knew they were lying about the bank's daily submission, the Times reports. In a judgement at the High Court, Mr Justice Flaux said the issue was legitimate and would go to trial in a full hearing next year. "Any senior management who gave the matter a moment's thought would have concluded any customer would be entitled...