Feb 1, 2019
Barclays faces lawsuits from English councils over pre-crisis loans
Barclays is being sued by seven local English councils over controversial bank loans sold before the financial crisis. Barclays is among a number of banks that have been fined over Libor since the 2008 banking crisis. It claims that Barclays had a duty to ensure that false Libor manipulations were not made to the councils and claim that the councils would never have entered into the Lobo loans but for representations made by Barclays. Banks have been fined about $9bn over the Libor scandal for rigging the rates they submitted, including a £290m fine imposed on Barclays. Joel Benjamin, an activist with Debt Resistance UK, a campaign group, welcomed local councils filing legal actions against Barclays related to Lobo loans.
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