Lloyds reaches agreement in principle over $1.64 bln London claim

LONDON, Feb 5 (Reuters) – Lloyds has reached an “agreement in principle” with a property entrepreneur over a 1.3 billion pound ($1.64 billion) lawsuit that turned on the alleged manipulation of benchmark Libor interest rates and the failure of two real estate firms.

However, lawyers for Lloyds and Ardeshir Naghshineh, whose Targetfollow property portfolio once owned the landmark Centre Point tower in central London, told London’s High Court on Monday that the terms of the deal had yet to be documented.

No further details were immediately available. The start of the civil trial, due to begin on Monday, was postponed to Tuesday pending any formal settlement agreement.

(Reporting by Kirstin Ridley, Editing by Louise Heavens)

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