LEXLAW Solicitors & Barristers
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.
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.
Kiki Loizou, of The Sunday Times, reports on our Financial Services Litigation team’s recent successful settlement of a swaps mis-selling litigation case. A multi-cancellable swap was sold to…
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 Civil and Family Proceedings (Amendment) Fees Order has been approved in the House of Lords. This massively increases the court issue fee to £10,000 from £1,920 (raised last year from £1,670).
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…
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…
The Parliamentary Commission on Banking Standards today publishes its Final Report – ‘Changing banking for good’. It outlines the radical reform required to improve standards across the banking…
The Times Newspaper has been given inside information from a number of reputable sources that banks are striking secret settlement deals with small businesses over the mis-selling of interest…
Barclays Bank have today announced their results for 2012 [Barclays Bank Results 2012]. Barclays’ Announcement on Swaps Mis-selling (IRHPs or IRSAs) These deal with swaps mis-selling on page…