ex Barclays boss Diamond escapes court appearance over LIBOR rigging.

Guardian: “Barclays has settled a £70m Libor court case that will spare its former boss Bob Diamond and other senior colleagues from testifying in a lawsuit that the bank had been vigorously defending.”
“Guardian Care Homes had alleged that the bank had mis-sold it two interest rate swaps worth £70m that were linked to Libor, the benchmark interest rate used to price financial products worth about £300tn around the world.
The case was being watched closely by the banking industry, which is already making compensation claims to customers mis-sold interest rate swaps, amid fears that it could encourage more customers to bring cases linked to Libor.
….Diamond, who is now building a banking business in Africa, left Barclays in July 2012 in the wake of the furore caused by the bank’s £290m fine for rigging Libor, the first significant penalty for attempts to manipulate the rate, but one that has since been eclipsed by rival banks.
He and others, including the former co-heads of the investment bank, Rich Ricci and Jerry del Missier, were also possible witnesses in the high court when the trial was due to begin at the end of this month.
But a settlement has been reached under which Barclays will restructure a loan, thought to be worth about £40m, to Guardian Care Homes’ owner, Graiseley. This led to the legal action being dropped.
….Since Barclays was fined for Libor rigging, a number of other banks have been fined, including Royal Bank of Scotland, which paid £390m toregulators in the UK and US, Swiss bank UBS, which was fined £940m, and Dutch bank Rabobank which was fined £662m.
Money broker Icap was fined £55m, while regulators are continuing their investigation into the manipulation of the rate. A number of individuals have also been charged for Libor rigging in cases brought by the Serious Fraud Office, including three from Barclays who were charged in February.
Banks have set aside more than £3bn to settle potential cases of interest swap mis-selling, following a review of their selling practices conducted by the Financial Conduct Authority.”