Written by Kirstin Ridley
LONDON (Reuters) – Lloyds and a real estate entrepreneur who were suing the bank for allegedly manipulating Libor interest rates and bankrupting two real estate companies said on Tuesday they had called off a trial in London. .
Lawyers for Mr Lloyds and Ardeshir Nagsine told the High Court on Monday that Target Follow Real Estate Group, which once owned central London's landmark Centrepoint Tower, had reached an agreement in principle over a long-running dispute. said that it had been reached.
A Lloyds spokesperson said: “Mr Nagsine has withdrawn the allegations and these proceedings have been discontinued.” “Both parties will not comment further.”
A spokeswoman for Mr. Nagsine was not immediately available for comment.
Mr Nagsine had sought compensation after two Target Follow businesses went into administration in 2010. He claimed that had he known about the alleged manipulation of LIBOR (London Interbank Offered Rate), his company would not have taken out loans alongside interest rate derivative products.
Lloyds had argued that the claims were without merit and that the parties had reached a settlement over a decade ago over the banking products at the center of the claims.
LIBOR is designed to represent the cost of borrowing between banks and is the basis for trillions of loans and contracts around the world, but bid-rigging scandals have prompted global regulators to issue a It was phased out in 2021 following the imposition of a billion dollar fine.
In 2014, Lloyds paid a total fine of $370 million for its involvement in the scandal and for attempting to manipulate fees on a government loan program to support banks.
($1 = 0.7977 pounds)
(Reporting by Kirstin Ridley; Editing by Mark Potter)
