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Source: Daily Mail, LondonNov.儲存倉 09--A crucial legal ruling could leave banks with a spiralling compensation bill for mis-selling a complex form of insurance to small businesses.Yesterday Barclays and Deutsche Bank lost their legal battle to dismiss Libor interest rate rigging claims from ongoing lawsuits.The two banks are both being dragged through the courts by firms which claim they were misled into buying an 'interest rate swap' alongside loans. These were meant to protect firms against rising interest rates, but when rates fell to record lows, many businesses faced soaring repayments or crippling fees if they wanted to switch to a cheaper loan.The judgment relates to the second element of the two lawsuits ?hat the banks' manipulation of Libor automatically rendered these interest rate swaps faulty.Libor is used to set about $300trillion worth of contracts around the world, from mortgages to complex financial instruments such as interest rate swaps. Barclays was fined pounds sterling 290m last summer for manipulating Libor and Deutsche is expecte迷你倉最平 to settle in the new year.Barclays' fight is with Guardian Care Homes, owned by Graisley Properties and Graisely Investments, which is suing for up to pounds sterling 37m, while Deutche is battling Indian property company Unitech.The banks have argued the Libor scandal is irrelevant and that they should just have to defend how these interest rate swaps were sold. But this argument was dismissed yesterday by Lord Justice Longmore in the Court of Appeal in London.This means both Deutsche and Barclays (up 2.6p at 255.30p) will have to defend the Libor claims when their cases go to trial in the High Court next year.Experts have warned that this could open the floodgates to further claims.Last night a Barclays spokesman said: 'With or without the Libor claims, the allegations of mis-selling have no merit. Graiseley had a suite of advisors and a lot of financial experience and skill in-house.'Copyright: ___ (c)2013 Daily Mail (London, ) Visit the Daily Mail (London, ) at .dailymail.co.uk/home/index.html Distributed by MCT Information Services迷你倉