Clifford Chance

LIBOR-based defences rejected by the court

4 March 2016

The Court of Appeal has rejected a miscellany of defences raised by a borrower based on the alleged rigging of LIBOR by a lending bank. The case may continue, but the Court also ordered the borrower to pay immediately the minimum sum for which, even if it succeeds, it will be liable to the bank. Allegations of LIBOR rigging will not allow an extended deferral of all payment obligations.

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