On November 8, 2013, a three-judge panel of the UK Court of Appeals handed down a much awaited ruling in two LIBOR-related cases. The ruling allows plaintiffs in two cases involving interest rate swap transactions referencing LIBOR to amend their claims to allege that the defendant banks made implied representations that their participation in setting the LIBOR rate was honest. In other words, the plaintiffs are now able to allege that at the time the swap transactions were entered into, the defendant banks knew or should have known that LIBOR was being manipulated, but represented otherwise.