Appeals Court Revives U.S. Lawsuit Against Barclays Over Libor

A U.S. appeals court has revived a shareholder lawsuit accusing Barclays Plc of willfully misrepresenting its borrowing costs from 2007 to 2009 and knowingly submitting false information concerning the interest rate benchmark known as Libor.

The 2nd U.S. Circuit Court of Appeals in New York said shareholders presented a "plausible claim" that a June 2012 drop in the bank's share price resulted from Barclays' revelation of prior misrepresentations of its Libor rates and a misrepresentation of the British bank's borrowing costs.