Category: Civil Litigation

The Parliamentary Commission on Banking Standards’ Final Report calls for radical reforms to restore banking trust, addressing LIBOR manipulation and derivatives mis-selling. Key proposals include criminal liability for reckless bankers, improved governance, stronger regulator duties, and wider access to the Financial Ombudsman Service for small businesses. The report also urges greater financial literacy, transparency, and regulation to prevent banks from disclaiming advisory responsibility when selling complex products like interest rate swaps. Lexlaw supports clients affected by such mis-selling and advocates for fairer banking practices. Contact Lexlaw for expert legal advice and representation.

The Banking Commission’s Proposals relevant to Swaps Mis-selling

The Parliamentary Commission on Banking Standards’ Final Report calls for radical reforms to restore banking trust, addressing LIBOR manipulation and derivatives mis-selling. Key proposals include criminal liability for reckless bankers, improved governance, stronger regulator duties, and wider access to the Financial Ombudsman Service for small businesses. The report urges greater financial literacy, transparency, and regulation to prevent banks from disclaiming advisory responsibility when selling complex products.

The Court of Appeal ruled unanimously in RBS v Highland Financial Partners EWCA Civ 328 that RBS procured a previous judgment by fraud, deliberately withholding key documents and misleading their client, lawyers, and the court. The case involved a “sham auction” of loans to create a notional £1.44 billion profit. The judgment raises serious concerns about RBS’s corporate culture and litigation conduct. Contact Lexlaw for expert legal support on complex banking disputes and mis-selling claims.

RBS v Highland Financial Partners: Culture of denial at RBS?

The Court of Appeal ruled unanimously that RBS procured a previous judgment by fraud, deliberately withholding key documents and misleading their client, lawyers, and the court. The case involved a “sham auction” of loans to create a notional £1.44 billion profit. The judgment raises serious concerns about RBS’s corporate culture and litigation conduct.

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The Times: Banks’ secretly settling swaps mis-selling cases

The Times Newspaper reports that banks are secretly settling swaps mis-selling cases with small businesses, often on the eve of court proceedings. These settlements are kept confidential, and the banks often make public statements denying wrongdoing. The number of claims is increasing as businesses become aware of the issue. Businesses argue that the swaps were too complex and that banks failed to explain the risks involved.

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Financial Ombudsman Service Consults on Unprecedented Workload

The Financial Ombudsman Service (FOS) is preparing for an unprecedented workload in 2013/2014, driven mainly by 245,000 payment protection insurance (PPI) mis-selling cases. To handle this, FOS plans to increase staff significantly, including 1,000 new case workers and more ombudsmen. It will also raise individual case fees and increase the overall levy to support this expanded operation. Contact Lexlaw for advice on managing claims involving FOS processes and addressing complex financial disputes.

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Legal Comment on Green & Rowley v RBS [2012] EWHC 3661 (Swaps Mis-selling Judgment)

This judgment shows the complexity and fact-sensitive nature of swap mis-selling claims. The claimants were found to be experienced businessmen dealing with a straightforward swap, unlike many cases where claimants are less sophisticated and products are more complex. Key points include the importance of early document disclosure and careful handling of limitation periods. Specialist legal advice is essential to assess and manage swap mis-selling claims effectively. Contact Lexlaw for expert guidance and representation.

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Green & Rowley v Royal Bank of Scotland plc [2012] EWHC 3661 (QB)

Green & Rowley v Royal Bank of Scotland plc EWHC 3661 (QB) is a High Court case involving claims by John Green and Paul Rowley against RBS. The case deals with disputes related to financial transactions and banking practices. For detailed legal insights and advice regarding this case or similar banking disputes, contact Lexlaw Solicitors for expert guidance and representation.

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Property Fraud: Breach of trust claims against solicitors

Claims against solicitors for breach of trust are increasing following losses from property fraud in loan transactions. Recent Court of Appeal rulings confirm solicitors can be liable for parting with loan money before completion, even if acting reasonably and following protocols. However, relief from liability is possible if conduct is reasonable and not causatively linked to loss.

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Probate disputes where there is a contest over wills

Disputes often arise when a person leaves more than one will, due to changes in financial circumstances or beneficiaries. Courts decide which will is valid by examining the testator’s intentions and the governing law. Clear, certain, and carefully considered wills help avoid such conflicts. Lexlaw provides expert advice to resolve probate disputes and protect your interests. Contact Lexlaw for professional assistance with contested wills.

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Graiseley Properties Ltd (Guardian Care Homes) v Barclays Bank PLC – LIBOR Manipulation Test Case

This landmark case involves claims by Graiseley Properties and Guardian Care Homes against Barclays Bank, alleging mis-selling of interest rate derivatives linked to LIBOR manipulation. It was the first English court case to address alleged fraudulent misrepresentation by Barclays related to LIBOR fixing. The case established precedents on implied misrepresentation and involved extensive evidence, including senior Barclays management. Legal experts are available to advise clients affected by such financial product mis-selling.

The Manipulation of LIBOR by the Banks and the Impact on Interest Rate Swap Mis-selling Claims

Barclays Bank was fined for manipulating LIBOR, impacting many UK small businesses sold complex interest rate derivatives on misleading terms. Banks implied LIBOR rates would be fair, but this was untrue, affecting the validity of these contracts. Businesses may seek contract termination or damages. Contact Lexlaw for expert evaluation and legal support on your claim.