The U.K.'s Court of Appeal will begin hearing two separate cases this week, against Barclays and Deutsche Bank, on whether the manipulation of the London interbank offered rate can invalidate loans and other deals based on the interest rate. If the rulings, which are expected by the end of 2013, go against the banks, more Libor-manipulation cases worth billions of pounds could be opened, Matt Scuffham writes. Abhishek Sachdev, managing director of Vedanta Hedging, said that "To unwind all Libor-linked derivative contracts would be financial Armageddon."

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