February 22nd, 2021 by James Goudie KC

In Leeds City Council v Barclays Bank (2021) EWHC 363 (Comm) claims for rescission of loans were struck out. The claims arose out of the LIBOR rigging affair of 2012. They were struck out because the claimant local authorities could not show that they relied on the representations which they allege were made. Cockerill J ruled, at paras 65 and 102, that proof of “understanding” of the representation in the sense of which complaint is later made, is a constituent part of a misrepresentation claim.

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