Tag: IRHPs

GRG RBS WESTREGISTER

RBS’ GRG ‘Just Hit Budget’ Memo: ‘let customers hang themselves’

The leaked 2009 internal memo from RBS’s Global Restructuring Group (GRG), titled “Just Hit Budget!”, reveals aggressive tactics aimed at extracting maximum profit from struggling SME customers. The memo outlines a systematic approach to pressure businesses, including leveraging fees, forcing deal signings, and deliberately letting customers fail – referred to chillingly as “let customers hang themselves.” This memo exemplifies the toxic culture within GRG that led to severe financial distress for many SMEs.

RBS Natwest bank litigation Lawyers uk

Court of Appeal to consider permission to appeal in PAG v RBS

The Court of Appeal is set to consider whether to grant permission for Property Alliance Group Ltd (PAG) to appeal a High Court ruling that dismissed its claims against RBS. The case involves allegations of interest rate swap mis-selling, LIBOR manipulation, and mistreatment by RBS’s Global Restructuring Group (GRG). The High Court had found PAG to be a sophisticated client with financial expertise and ruled against claims based on lack of specific false statements and exclusion clauses. The appeal will test key issues in sales duties, advisory roles, and the impact of GRG’s conduct on businesses.

lexlaw litigation solicitors in london lawyers professional negligence

The Times: Lawyers launch petition for financial mis-selling tribunal

LEXLAW has launched an online petition urging the government to establish a Financial Services Tribunal to resolve disputes over financial product mis-selling. The petition highlights the limitations of costly court processes, the inadequate Financial Ombudsman Service, and the FCA’s lack of dispute resolution powers. The tribunal would provide fairness, judicial scrutiny, and deter misconduct by major banks and financial institutions. The campaign follows parliamentary support for a commercial financial dispute resolution platform and aims to give customers better protection and access to justice

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.

Litigation Solicitors London

GRG WestRegister took 80% Equity in Bowlplex – Cost Owners £50m; while RBS Profited £9m

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.

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.

Barclays Litigation LAwyers bank

The Sunday Times: Barclays sued for £4m by GPs for derivatives mis-selling

Our litigation against Barclays involved a claim for approximately £4 million relates to the mis-selling of derivatives, specifically interest rate swaps (IRHPs). The case addressed allegations that Barclays sold complex, high-risk products to clients without proper disclosure or adherence to regulatory requirements.

债务追讨和法律咨询： 英国企业欠中国公司的逾期发票

The Times: Queen’s award winner sues banks over mis-selling

The Times reports that Wenta, a company that supports new businesses, is suing RBS and NatWest for mis-selling a complex financial product. The banks sat on Wenta’s board and encouraged the deal, despite it being a disastrous one that cost the company over £500,000.

Lexlaw, Wenta’s lawyers claim the banks misled the company about the risks involved and have been slow to resolve the dispute. While several other banks have settled similar cases, RBS and NatWest have resisted, forcing Wenta to take legal action. The case is currently undergoing mediation, and a settlement may be reached soon.

westgate swaps mi-selling claim against RBS bank litigation uk solicitors

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.