LEXLAW Solicitors & BarristersThe Times’ City Editor, Harry Wilson, one of the journalists that three years ago broke the news of interest rate derivatives mis-selling by the major banks, reports today…
Neutral Citation Number: [2014] EWHC 3043 (Ch) Case No: HC13B02029 IN THE HIGH COURT OF JUSTICE CHANCERY DIVISION Rolls Building, Royal Courts of Justice 7 Rolls Buildings, Fetter Lane…
Clydesdale and Yorkshire Banks have now begun a review of past sales of fixed rate loans often sold as Tailored Business Loans (TBLs). These are Fixed Rate Loan wrapper products with embedded derivatives.
HMRC has distributed tax advice leaflets for banks to hand to customers receiving redress from mis-sold Interest Rate Hedging Products (IRHP), urging correct tax return reporting. Affected banks must review sales since 2001 under FCA supervision, leading to customer compensation. Redress payments, consisting of basic redress, 8% compensatory interest, and consequential losses, are generally taxable income or subject to capital gains tax. Individuals should account for tax deducted from interest. HMRC recommends consulting an accountant for complex scenarios.
RBS’ bad bank (Royal Bank of Scotland Capital Resolution – RCR) has been set up to take over RBS’ bad loans (those with significant non-performing assets). When transferring…
The High Court (Queen’s Bench Division) has recently dismissed an attempt by Barclays Bank to strike-out an interest rate hedging product (IRHP) mis-selling claim for being issued more…
The Court of Appeal has today dismissed Barclays’ appeal in the case of Barclays Bank v Graiseley, which has been referred to as the ‘LIBOR test case’. The…
LEXLAW have recently advised and given expert comment to BBC Panorama in order expose, on behalf of our SME clients, the banks who mis-sold. The programme will expose…
Katherine Griffiths, of The Times newspaper, reports on our Financial Services Litigation team’s recent success in a swaps mis-selling litigation case where a speculative financial instrument, namely a multi-cancelable swap, was sold…
Neutral Citation Number: [2013] EWCA Civ 1197 Case No: A3/2013/0138 IN THE COURT OF APPEAL (CIVIL DIVISION) ON APPEAL FROM THE HIGH COURT OF JUSTICE MANCHESTER DISTRICT REGISTRY…