In a significant judgment that could have had “vast” consequences for financial transactions worldwide based on LIBOR, an English High Court Judge has refused to allow defences based on the competition rules to be introduced into the pleadings in an action brought by a LIBOR panel bank to enforce its rights under a facility agreement. In brief – Where LIBOR rates are set pursuant to an agreement that is (or is assumed to be) unenforceable under competition law, agreements made between panel members and their customers are not also void. – According to the judge, public policy requires both that wrong doers should not benefit from their wrong doing, and that agreements should be respected and enforced. To do justice to both principles, related but separate agreements must be enforced,
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The UK High Court rules that competition law cannot provide a defence to a borrower in an action by a bank to enforce its rights under a facility agreement (Deutsche Bank / Unitech Global)
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