Category: Derivatives

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

In a recent unanimous judgment of the Court of Appeal in the case of RBS v Highland Financial Partners [2013] EWCA Civ 328, it was held that RBS…

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FSA Findings on Banks’ Pilot Swaps Mis-selling Review

The FSA has today published a long-awaited press release setting out the findings of their ‘pilot scheme’ in relation to the mis-selling of complex interest rate derivatives to…

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Warren Buffett On Derivatives

The following are excerpts from the Berkshire Hathaway 2002 Annual Report. I view derivatives as time bombs, both for the parties that deal in them and the economic…

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Financial Ombudsman Service Consults on Unprecedented Workload

The Financial Ombudsman Service (FOS) is consulting on its proposed plan and budget for 2013/2014. The plans would make the FOS larger in terms of staff numbers than…

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

The judgment in Green & Rowley v RBS is certainly not helpful to claimants in swap mis-selling cases, but on careful analysis, it is less bad than it…

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

UPDATE: LEGAL COMMENT  Case No: 2MA40004 Neutral Citation Number: [2012] EWHC 3661 (QB)  IN THE HIGH COURT OF JUSTICE MANCHESTER DISTRICT REGISTRY MERCANTILE COURT Date: 21 December 2012  B…

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BBA Announcement on Major Banks’ Swaps Payment Suspension Policy

The British Bankers’ Association (the “BBA”), a trade association for the UK banking and financial services sector, has announced a policy for ‘Major Banks’ which suggests such banks will consider…

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

Application to amend particulars of claim – amendment to plead implied representations (alternatively implied terms) which induced claimants to enter into swap agreements – implied representations allegedly false…

Clydesdale and Yorkshire Banks’ Tailored Business Loans – Terms of ‘Swaps Mis-selling’ Review

Information relating to Clydesdale and Yorkshire Banks Review of Interest Rate Hedging Products (12 October 2012) PDF DOWNLOAD IntroductionA. The ReviewB. The products that we have agreed to…

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

The Financial Services Authority (FSA) have issued a press release indicating that Barclays Bank has been fined for the manipulation of global benchmark interest rates LIBOR and EURIBOR.…