A ruling by the U.K. Court of Appeal will allow lawsuits against major banks over the sale of derivative products to be linked to allegations that benchmark lending rates were manipulated. The banks had said the benchmark manipulation allegations have nothing to do with the swaps misselling. "The banks did propose the use of [the London Interbank Offered Rate] and it must be arguable that, at the very least, they were representing that their own participation in the setting of the rate was an honest one," according to the court.

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