Vedanta Hedging interviewed in Evening Standard

Abhishek Sachdev, MC of FCA Authorised Derivative Consultants was interviewed by Jamie Dunkley from the Evening Standard.

The article is about the the threat to the Bank of unwinding legal settlements, based upon new information regarding LIBOR manipulation.

Banks’ legal settlements over rates mis-selling under threat

Experts are warning that a Libor-fixing case brought by Hartland’s Wingate Associates against Lloyds could set a legal precedent allowing individuals to revisit settlement agreements that have already cost the banks billions of pounds.

Wingate Associates is claiming that a 2011 settlement over the mis-selling of an interest rate swap should be overturned because of the bank’s involvement in fixing Libor.

In Lloyds’ defence document, the bank claims the settlement agreement should hold, and protect it from the Libor claim.

The outcome of the case could affect thousands of similar settlements.

Lloyds said: “We do not believe the matter has any merit and it will be vigorously contested.”

More than 12,000 settlement agreements on interest rate swaps have been reached under the Financial Conduct Authority redress scheme with a total value of close to £2 billion.

Nadia Patel

Nadia has a degree in Business Management and a Diploma for Financial Advisers (Level 4). She has ten years of experience in financial services. This includes FSA regulated adviser roles in HSBC, Halifax and Nationwide. As senior manager at Vedanta Nadia is responsible for managing the office, client contact and marketing for the business.