LIBOR rigging: Difference between revisions

LIBOR rigging (view source)

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 :—Lord Hoffman in {{cite|Investors Compensation Scheme Ltd|West Bromwich Building Society|1998|1 WLR|896}}}}
-Plainly, what a contract means is fact-dependent. It is not, purely, a matter of law. A contract testifies to the parties’ mutual understanding. It cannot, “mistakes of fact” notwithstanding, be sovereign to it.
+Interpreting the ''[[consensus ad idem]]'' manifested under a contract demands a wholly different approach than does construction of criminal legislation where the defendant’s understanding of the legislation is irrelevant.
+Plainly, what a contract means is fact-dependent. A contract testifies to the parties’ mutual understanding and cannot, “mistakes of fact” notwithstanding, be sovereign to it.
-And evidence of how ''everyone'' behaved when interacting with the LIBOR Definition will help with what a reasonable person would have understood it to mean. There can be no better indication of reasonableness than direct evidence of the behaviour of fellow [[Man on the Clapham Omnibus|passengers on the Clapham Omnibus]].
+Surely, evidence of how ''everyone'' behaved when interacting with the LIBOR Definition will help with what [[reasonable person|a reasonable person]] would have understood it to mean. There can be no better indication of reasonableness than direct evidence of the behaviour of fellow [[Man on the Clapham Omnibus|passengers on the Clapham Omnibus]].
 There is here the odd spectre of the law of [[contract]] forming the backdrop to a criminal allegation. This is rare. Usually, the criminal authorities stay well out of commercial disputes, even where allegations of fraud are flying around, seeing them as a matter of civil loss between merchants perfectly able to look after themselves, and not requiring the machinery of the state.
-[[LIBOR]], on which the bank deposits and mortgage repayments of unwitting retail punters depend, made things a bit different.  This is no private matter to be sorted out between gentlemen with revolvers.
+[[LIBOR]], on which the bank deposits and mortgage repayments of unwitting retail punters depend, made things a bit different. This is no private matter to be sorted out between gentlemen with revolvers.
 Nevertheless, still one must apply contractual principles, not criminal ones, to matters of contractual practice.