Barclays settles swap mis-selling case Speaking to The Sunday Telegraph earlier this month, Stuart Brothers, founder of SRBlegal, the law firm representing Wand Property, said that he had been shocked by the defence put up by Barclays for a "relatively small amount of money." In a joint statement yesterday, Barclays and Wand Property said: "The legal proceedings in Bristol Mercantile Court between the partners of Wand Property as claimants, and Barclays Bank PLC as defendant, have been concluded on mutually acceptable confidential settlement terms. Agreement between the parties has been reached within the context of their wider banking relationship, and Barclays has worked with Wand Property to ensure ongoing financial support, including a resolution of the litigation. No further comment on these proceedings will be made by the parties. HSBC and Royal Bank of Scotland are among the other major British banks to have settled interest rate swap mis-selling cases. However, lawyers and financial experts think that there could be several thousand other potential cases yet to surface. Some observers believe the ultimate size of the claims could dwarf the billions of pounds put aside by British banks last year to compensate customers who were mis-sold payment protection insurance. An investigation by The Daily Telegraph uncovered a host of cases involving the sale of inappropriate and highly-complex interest rate products that in some extreme cases have ended up costing businesses tens of millions of pounds. Fish and chip shops, farmers, small property developers and nurseries are among the small businesses that have been sold the interest rate swaps that were marketed as a form of financial protection, but that ended up proving hugely costly. Barclays has already been forced to apologise to the Financial Services Authority after evidence uncovered by The Daily Telegraph found that the bank had demanded that clients withhold information from the regulator over the sale of the swaps.