LEXLAW Solicitors & Barristers
The door has been opened by the Court of Appeal in PAG v RBS [2018] for misrepresentation claims to be brought by a counter-party to a derivative which…
Property Alliance Group Ltd (“PAG”) has recently filed leave to appeal to the Court of Appeal against a decision of Mrs Justice Asplin in the High Court in…
Major banks and other financial services institutions are often in dispute with customers who deserve protection. Access to court is costly. The FOS ombudsman scheme is inadequate. The…
RBS’s Global Restructuring Group (GRG) has faced allegations of destroying small businesses. LexLaw has sued RBS on behalf of many businesses including Bowlplex, a family-owned bowling business, claiming excessive fees, increased interest rates, and forced equity transfer. Despite a viable business, Bowlplex was transferred to GRG and ultimately sold on by RBS for a £9m profit and a £50m loss for the owners.
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.
The High Court has decided that it is arguable that major banks owe duties of care to their SME customers to conduct the FCA Interest Rate Hedging Product…
Holmcroft Properties Limited v KPMG (Daily Telegraph, April 25, 2015, Business 33). Holmcroft wins permission to bring a judicial review against KPMG’s conclusion that the redress offered in the redress…
The Royal Bank of Scotland (RBS) is reviewing its past sales of 1,800 Enterprise Finance Guarantee (EFG) loans to small businesses, following concerns that RBS did not properly explain…
The House of Commons Treasury Committee has today (10 March) published its report on Conduct and competition in SME lending. This report covers bank mis-sold interest rate derivatives,…
The Financial Conduct Authority’s confidential agreement with several major banks, which set up the Interest Rate Hedging Product (IRHP) Review, was published today. The Treasury Select Committee has also…