Lloyds Banking Group is close to settling a claim from the former owner of the Centre Point tower, W1, over the alleged “manipulation” of the Libor benchmark interest rate.
Ardeshir Naghshineh claimed he would not have taken on loans from HBOS, which Lloyds rescued in 2009, had he known that the benchmark against which the products were priced was being routinely manipulated by Lloyds and other banks, and that the rate was therefore “compromised”.
A civil hearing was due to begin at the High Court in London on Monday, but Lloyds reached a last-minute “agreement in principle” with the Iranian-born entrepreneur that could result in a confidential settlement.
