Barclays set to reveal 42 Libor names as legal row over care home’s derivative gets personal

Tim Wallace
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DOZENS of Barclays’ staff could be drawn into the Libor-fixing row, as their names are likely to be published as part of the legal battle with Guardian Care Homes (GCH).

GCH claims it was mis-sold an interest rate swap product, and that by fiddling its Libor submission Barclays unfairly influenced the interest rate on which the product was based.

Barclays disagrees, arguing that GCH is a sophisticated investor and that its punishments for Libor-manipulation largely related to US dollar Libor, not the sterling Libor which GCH’s product was based on.

In case management hearings GCH secured access to up to 1.2m emails Barclays uncovered in its internal investigations.

And of the 208 names on those emails, the judge said 42 staff now have 14 days to argue their case to remain anonymous, or their names could come out in the trial.

However the staff may not have been directly involved in rate fiddling, but simply mentioned in relevant emails – and now risk being linked to the scandal anyway.