Claimants could sue Barclays over Libor scandal, says PLS Solicitors

PLS Solicitors has commented on the ongoing Barclays Libor manipulation scandal in an article for the Daily Mail, stating that claimants could potentially bring claims against the bank.

News of Barclays' £290m fine over its Libor fixing made headlines yesterday (28th June 2012) and already potential claimants have come forward. The bank, which was investigated by the Financial Services Authority (FSA), has been fined over manipulating the London Interbank Offered Rate (Libor) which is used as a benchmark for borrowing on mortgages and loans.

PLS Solicitors, which is based in Manchester, has explained that there could be a large number of potential claimants who would be able to establish the basis of a claim.

Adam Pavey, litigation partner at PLS Solicitors, said: "These particular claimants have got to have a prima facie case to say on the balance of probability they have ended up paying more than they should have been.”

Mr Pavey also said: "At the point of bringing a claim they don’t have to say exactly what losses are."

Though it can be especially hard to prove any loss for borrowers, PLS Solicitors still believes that claimants with clear Barclays Libor fixing claims should contact the firm immediately to find out if anything can be done. The false mortgage rates produced by the Libor scandal could mean that borrowers may have been paying more than they strictly needed to.

PLS Solicitors believes it may be able to assist those claimants that think they have a potential case against Barclays. Mr Pavey commented that all banks must respond to claimants within a certain time period and that many would rather pay for damages rather than spend countless hours sifting through paperwork in order to ascertain whether borrowers were greatly affected by the Libor scandal.

To find out more about PLS Solicitors' services, contact the law firm today.

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About PLS Solicitors:
Established in October 2008, PLS Solicitors has grown to become an established and respected commercial and residential property law firm, as well as providing dispute and employment law services. The 18-strong team at Hale-based PLS Solicitors specialises in commercial and residential conveyancing across Greater Manchester and Cheshire.

For further information contact:

Name: Aashim Dhand
Managing Partner
Telephone: 0161 941 7449
Email: [email protected]
Website: http://www.pls-solicitors.co.uk/