Monday, 5 October 2015

Bank rows - part 2 - Lloyds settles with John Argent?

The Lloyds versus John Argent tribunal that was due to start this morning has been scrapped, according to my court mole.

In case you don't recall, last Friday I highlighted how a slew of Libor cases - criminal, civil and employment related - were scheduled to start over the coming weeks and cause the banks a headache.

And the John Argent tribunal was expected to be particularly galling for Lloyds. That's because Argent was one of the traders sacked by Lloyds after it agreed its multi-million pound settlement with regulators for fiddling Libor.

So, the case had the potential to be a biggie. In fact, there was so much interest in the case that I understand at least one party currently suing Lloyds for Libor manipulation had paid to have a transcriber in the back of the room.

Alas, now we won't get a chance to read that account of the proceedings as it would appear to have been settled.

Indeed, when little old Betaville got in touch with Lloyds, a spokesperson said:

  “We can make no other comment than to confirm that the proceedings have been withdrawn.”

Details of the settlement are confidential but I would very much like to know if, and how much, Lloyds paid Argent to make this tribunal go away?

Do get in touch via the usual the channels if you think you have the skinny...

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