The decision in Graiseley Properties Ltd and Others v Barclays Bank Plc [2013] EWCA Civ 1372 dealt with the issue of whether, in a contract for the selling of financial products, there is an implied term that Banks should not manipulate the LIBOR rates. Even though the case was ultimately settled, the debate continues with a number of claims reaching the courts of justice.

Do you agree with the decision? Should your answer be affirmative: what remedies are available to the claimant?

LIBOR is defined by the British Bankers’ Association (BBA) as The rate at which an individual contributor panel bank could borrow funds were it to do so by asking for and then accepting interbank offers in reasonable market size just prior to 11.00 a.m. London time. The proceudure goes as follow , Every morning at about eleven o’clock, eighteen banks of the big banks, under the supervision of the British Bankers Association, inform the interest rate for borrowing reasonable amount of dollars from each other under the so-called London interbank market. These banksreportthe interest rates on borrowing forseven different maturities ranging from loans for one night to one-year loan and for five different currencies. The agency, Thomson Reuters, collect the interest rates from these banks on behalf of the bankers’ group.Consequently,the Agency announces the average price at which banks said it could borrow each other.
Laura John, James MacDonald, Sandy Phipps and Kate Holderness, Cases Analysis'(2014) 1 JIBFL 63 Journal of International Banking and Financial Law <http://www.lexisnexis.com/uk/legal/results/docview/attachRetrieve.do?csi=280100&A=0.5105118824020267&ersKey=23_T21696049919&urlEnc=ISO-8859-1&inline=y&smi=26278&componentseq=1&key=5BBV-69Y1-DYJR-X2FP-00000-00&type=pdf&displayType=full_pdf&lni=5BBV-69Y1-DYJR-X2FP&docTitle=Cases%20Analysis%20-%20%282014%29%201%20JIBFL%2063&altRendition=Y
Jesse Colombo, This New Libor Scandal’ Will Cause A Terrifying Financial Crisis’ (2014) Forbes http://www.forbes.com/sites/jessecolombo/2014/06/03/this-new-libor-scandal-will-cause-a-terrifying-financial-crisis/> accessed 18 March 2015.