Ardeshir Nagshine, the former owner of the Center Point tower in central London, has filed a lawsuit against Lloyds. He claims that he would not have taken loans from HBOS if he had known about the alleged fraudulent manipulation of the Libor benchmark. A civil trial is set to begin this week to consider claims related to the Iranian-born entrepreneur’s investment company.
Allegations that the Bank of England encouraged manipulation of Libor will be heard in the High Court in a £1.3 billion dispute between the businessman and Lloyds Banking Group.
This will be the first time that Lloyds has defended claims related to the alleged abuse of the benchmark in a UK court case.
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