Simplistically a hedge is like a bet on interest rates. If the bet goes wrong you loose money and if it goes right you win money. In all honesty I can't see where the redress is going to come from. Even though what the bank has done is unethical and immoral I am yet to come across any case law in this respect. Recently I also read an interesting article in which it stated that Italian Municipal Corporations, many of whom had hedging agreements, attempted to block a move by some big banks to have the cases moved to London. The reason why the banks want the case moved to London is that the UK has always had bank friendly laws!!.

Hi Pete, I have now received an email from the Barclays Legal Team advising me to meet to representatives of Barclays. Interestingly one of them is a business support manager. I am perplexed by this as I thought that once something goes to the legal department the legal department concludes it's own investigations. However if what happened to Leeby is anything to go by, in all probability we will get a rough ride. However as things stand we are determined to take this matter to it's logical conclusion and have already touched base with our solicitors. Interestingly does anyone know what happened to Leeby? Regards Ramesh

We are going through a similar situation. Barclays sold a swap and then just before interest rates plummeted changed our swap again. We are paying in excess of 54,000 p.a. and have commenced informal discussions to try and resolve this.We have also sought legal advice. I note your comment dates back to 6th July 2009. Any joy so far? Many Thanks for raising an issue which is clearly hurting many businesses. Ramesh