Tag: Fraud

Tier 1 Entrepreneur Extension Settlement Lawyers London

RBS v JP SPC 4 & Another: The Privy Council Restricts Banks’ Quincecare Duty

In the recent case of RBS v JP SPC 4 & Another, the Privy Council upheld the striking out of a claim against the Royal Bank of Scotland for damages of over £60 million.

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APPG complaint to SRA against Lloyds’ legal advisers Herbert Smith Freehills in HBOS review scheme

The All-Party Parliamentary Group (“APPG”) have submitted a lengthy complaint to the SRA against Herbert Smith Freehills, legal advisers to Lloyds Banking Group during the lender’s compensation review scheme in relation to fraud at HBOS. The scheme is due to reopen following Sir Ross Cranston’s report that Lloyds’ original customer review had ‘serious shortcomings’.

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LIBOR fraud claim falls at the limitation hurdle

The High Court has struck out a LIBOR fraud claim brought by a property investment firm against two renowned banks Natwest and RBS, two weeks after the publication of FCA’s findings against the banks, concluding that it was time barred.

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The Lawyer: ‘Charity gains ground in RBS and NatWest mis-selling claim’

Our client, the charity Wenta has gained ground in its claim against NatWest/RBS over the mis-selling of a derivative (IRHP). Wenta alleges the banks breached contractual, tortious, statutory, and fiduciary duties, causing financial loss. The case involves disputes over suitability, disclosure, and a flawed and unfair review process by the banks. Disclosure battles have forced the banks to reveal key sales training manuals and review materials. Litigation continues with trial or secret settlement expected soon.

Petition: Establish a Financial Services Tribunal to resolve customer disputes.

Petition for establishing a Financial Services Tribunal to resolve complex disputes between banks and customers. Courts are costly, the Financial Ombudsman Service is limited to low-value claims, and the FCA lacks dispute resolution powers. The Tribunal would provide judicial scrutiny, fairness, and public censure, helping SMEs and consumers secure justice and deter misconduct in the financial services industry. Supporters can register their backing on the UK Government site.

Consumer Rights Act / Unfair terms / Contractual relationships / Expert Legal Advice / Litigation Lawyers / Barristers

Court of Appeal grant permission to appeal based on LIBOR and Negligent IRHP Review arguments

The Court of Appeal has allowed WW Property Investments Ltd to appeal against NatWest over mis-sold interest rate derivatives and the negligent conduct of the IRHP review. This landmark decision challenges banks’ redress offers and recognition of consequential losses, encouraging affected customers and SME victims to seek legal advice for potential claims. The ruling could impact limitation periods and existing non-advisory defenses employed by banks, with major implications for financial services litigation and previous IRHP Review outcomes.

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High Court slams Dentons and RBS for “cavalier” attitude to disclosure

The High Court criticised Dentons and RBS for a “cavalier” attitude toward disclosure in litigation, specifically failing to comply with a court order to produce around 25 million relevant documents related to LIBOR misconduct allegations. Proper disclosure is vital to ensure fairness in litigation, but RBS has a history of inadequate disclosure, including being found to have deliberately withheld documents in previous cases. This pattern raises serious concerns about RBS’s litigation culture and compliance with court rules.

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.

Barclays’ appeal in ‘LIBOR test case’ dismissed by Court of Appeal

The Court of Appeal dismissed Barclays’ appeal in the ‘LIBOR test case’ (Graiseley v Barclays), allowing claims that banks made fraudulent implied representations regarding LIBOR’s honesty to proceed to trial. The judgment rejects Barclays’ argument that there is no cause of action for failing to disclose dishonesty. The court held that banks proposing LIBOR-based transactions arguably represented the rate’s integrity. This ruling opens the door for LIBOR manipulation claims to be tried in court.

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White Collar Crime Update: “Making and Accepting a Financial Advantage” under the Bribery Act 2010

The Serious Fraud Office has brought its first charges under the Bribery Act 2010 against a UK company involved in a £23 million bio-fuel investment fraud. This concerns the offences of making and accepting a financial advantage, where individuals give or receive improper financial benefits connected to the performance of their functions. Convictions can result in imprisonment of up to 10 years and substantial fines. The Act also includes corporate liability for failing to prevent bribery, though companies can defend themselves by showing adequate anti-bribery procedures.