Category: Financial Services Litigation

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GRG Review: RBS appoint Mark Spurin to minimise compensation payouts to SME victims

Reports surface that Mark Spurin will take charge of the RBS GRG Review compensation scheme for ‘impacted SME’ victims.

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RBS settles mis-sold swaps litigation (Westgate Healthcare Ltd v Royal Bank of Scotland Plc)

Westgate Healthcare settled a legal dispute with RBS for £10m, involving alleged misrepresentation and breach of contract regarding an interest rate swap. Deemed too sophisticated for FCA’s compensation scheme, Westgate’s claim, initiated in April 2014, led to a settlement with RBS, who imposed confidentiality and accepted no liability.

Libor Fraud UK Litigation Solicitors

LIBOR fraud arguable in swaps mis-selling claims; Resetting the 6-year contractual limitation clock

The High Court ruled that fraud allegations against RBS concerning LIBOR manipulation in a derivatives mis-selling claim were “properly arguable,” affecting SMEs sold IRHPs by major banks. LIBOR, a crucial interest rate benchmark, had been rigged by banks including RBS, resulting in hefty fines. RBS admitted misconduct in its LIBOR submissions. Property Alliance Group’s (PAG) case against RBS may set a precedent for extending time limits on claims, emphasizing the importance of seeking legal advice on mis-selling claims affected by LIBOR fraud.

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Legal duty to conduct the FCA IRHP Review Fairly – Suremime v Barclays Bank

The High Court in Suremime Ltd v Barclays ruled it is arguable that banks owe a duty of care to SMEs to conduct the FCA IRHP Review fairly, as agreed with the FCA. Suremime challenged Barclays’ limited redress offer, arguing the bank breached its duty by not properly following the IRHP Review agreements from 2012 and 2013. The court granted permission to add claims that Barclays owed and breached this duty, enabling affected SMEs to seek legal remedies beyond flawed review outcomes. This decision supports SME rights in swaps mis-selling disputes and helps overcome limitation barriers.

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The Sunday Times: ‘We will battle on, warn victims of bank mis-selling’

The Sunday Times reports the largest ever publicly disclosed settlement in interest rate swaps mis-selling, where Lloyds Bank paid £4.6m to a care home business after refusing compensation via the FCA IRHP Review. Thousands of businesses were excluded from compensation due to a controversial ‘sophistication test,’ leaving many short-changed. The case highlights banks’ efforts to avoid accountability and the ongoing struggle for fair redress, with expert legal advice offering hope for mis-sold swap victims.

Primary Keywords: Lloyds Bank Interest rate hedging products (IRHPs) Financial derivatives Mis-selling Litigation Settlement Care home Business Financial loss Secondary Keywords: Complex financial products Regulatory oversight Consumer protection Financial harm LEXLAW Solicitors & Barristers Buckinghamshire UK Lawsuit Settlement Break cost IRHP review scheme FCA Financial Conduct Authority Long-Tail Keywords: Lloyds Bank mis-sold interest rate swaps Lloyds Bank financial derivatives lawsuit Care home sued Lloyds Bank for mis-selling IRHP mis-selling scandal Lloyds Bank settlement over complex financial products Financial harm due to mis-sold derivatives Regulatory oversight of financial institutions Consumer protection in the UK LEXLAW Solicitors & Barristers legal case Buckinghamshire care home wins lawsuit against Lloyds Bank

The Sunday Times: ‘Lloyds pays up on rate swap wrangle’

Lloyds Bank has been forced into a significant litigation settlement regarding the mis-selling of interest rate hedging products (IRHPs) to The Coin Group, a care home operator. The case highlights the potential for banks to mis-sell complex financial derivatives to businesses, leading to significant financial losses. The Coin Group, represented by LEXLAW Solicitors & Barristers, successfully argued that Lloyds Bank failed to disclose the risks and potential liabilities associated with the IRHPs, resulting in a settlement of £4.6 million.

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Statement by Coin Group re Litigation Settlement with Lloyds Bank Plc

Lloyds Bank, a leading UK financial institution, has been involved in a significant litigation settlement regarding the mis-selling of interest rate hedging products (IRHPs) to The Coin Group, a care home operator. The case highlights the potential for banks to mis-sell complex financial derivatives to businesses, leading to significant financial losses. The Coin Group, represented by LEXLAW Solicitors & Barristers, successfully argued that Lloyds Bank failed to disclose the risks and potential liabilities associated with the IRHPs, resulting in a settlement of £4.6 million. The case underscores the importance of obtaining the best legal representation when fighting major banks.

The High Court permitted a judicial review of the FCA’s Interest Rate Hedging Product (IRHP) swaps mis-selling review scheme. The case challenges the fairness and adequacy of the FCA’s redress process, arguing it fails to provide proper compensation and independent oversight. This decision marks a significant step for affected SMEs seeking accountability and more effective remedies for mis-sold swaps under the FCA scheme.

Judicial review of FCA IRHP swaps mis-selling review scheme permitted

The High Court permitted a judicial review of the FCA’s Interest Rate Hedging Product (IRHP) swaps mis-selling review scheme. The case challenges the fairness and adequacy of the FCA’s redress process, arguing it fails to provide proper compensation and independent oversight. This decision marks a significant step for affected SMEs seeking accountability and more effective remedies for mis-sold swaps under the FCA scheme.

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Enterprise Finance Guarantee Mis-Selling & Royal Bank of Scotland EFG Review

RBS is reviewing past sales of 1,800 Enterprise Finance Guarantee (EFG) loans amid concerns that SMEs in financial distress were not properly informed of the risks. Many borrowers did not realise they remained liable for 100% of the loan despite the government’s 75% guarantee. Banks also often sought inappropriate personal guarantees and charges on primary homes.

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Treasury Committee reports on Conduct in SME lending (FCA IRHP Mis-selling Review, TBLs, Hidden Swaps and GRG)

The Treasury Committee report criticises conduct in SME lending, focusing on four key areas: FCA’s IRHP mis-selling review, Tailored Business Loans (TBLs), hidden swaps embedded in loans, and RBS’s Global Restructuring Group (GRG). The report finds systemic failings, lack of transparency, and inadequate customer protections. It calls for stronger regulatory oversight, better redress schemes, and reforms to prevent banks exploiting SMEs through complex financial products and aggressive recovery tactics.