Today’s Sunday Times, reports on settlement in the case of (1) Westgate Healthcare (Aylesbury) Ltd (2) Westgate Healthcare (Hemel Hempstead) Ltd (3) Westgate Healthcare Ltd v Royal Bank of Scotland Plc [2014-522 : CL-2014-000186] which has reportedly settled for around £10m.
With revenues of about £15m, Westgate was deemed too “sophisticated” by RBS to be part of the IRHP Review compensation scheme agreed with the Financial Conduct Authority (FCA) in 2012 for victims of mis-sold swaps. As is often the case, RBS have put in place confidentiality provisions and have refused to admit any liability.
The claim was issued on 30 April 2014 in the Commercial Court, a specialist division of the Queens Bench Division of the High Court, and was a claim for damages pursuant to the misrepresentation, breach of contract, negligence and breach of statutory regulations in relation to an interest rate derivative based financial product recommended by the defendant to the claimants.
BANKING AND FINANCE – CONTRACTS – MISREPRESENTATION – BREACH OF CONTRACT – BREACH OF STATUTORY DUTY – DERIVATIVES – INTEREST RATE SWAPS