In a recent decision, the High Court has struck out claims against a defendant bank alleging implied fraudulent misrepresentations in relation to LIBOR, on the basis that the claimants had failed to plead that the alleged representations were actively present in their mind when entering into the products in question and therefore the claim stood no realistic prospect of success: Leeds City Council and others v Barclays Bank plc and another [2021] EWHC 363 (Comm).

The decision is significant in confirming that a claimant’s awareness of a representation is an essential prerequisite to a claim for misrepresentation, though what is required to satisfy the awareness requirement will depend upon the precise circumstances.

For more information see this post on the Banking Litigation Notes blog.