Tag: LIBOR

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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.

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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.

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.

The Parliamentary Commission on Banking Standards’ Final Report calls for radical reforms to restore banking trust, addressing LIBOR manipulation and derivatives mis-selling. Key proposals include criminal liability for reckless bankers, improved governance, stronger regulator duties, and wider access to the Financial Ombudsman Service for small businesses. The report also urges greater financial literacy, transparency, and regulation to prevent banks from disclaiming advisory responsibility when selling complex products like interest rate swaps. Lexlaw supports clients affected by such mis-selling and advocates for fairer banking practices. Contact Lexlaw for expert legal advice and representation.

The Banking Commission’s Proposals relevant to Swaps Mis-selling

The Parliamentary Commission on Banking Standards’ Final Report calls for radical reforms to restore banking trust, addressing LIBOR manipulation and derivatives mis-selling. Key proposals include criminal liability for reckless bankers, improved governance, stronger regulator duties, and wider access to the Financial Ombudsman Service for small businesses. The report urges greater financial literacy, transparency, and regulation to prevent banks from disclaiming advisory responsibility when selling complex products.

Barclays announce 2012 results – Provision for swaps mis-selling £850 million

Barclays Bank announced an £850 million provision for interest rate hedging product (swaps) mis-selling in 2012, with around 4,000 affected customers, approximately 3,000 deemed non-sophisticated. This suggests an average provision of £280,000 per customer. Lexlaw estimates that total liabilities for major banks, including Barclays and RBS, could reach several £billion pounds.

dark and secretive aspects of LIBOR manipulation at RBS, aiming to convey the sense of illicit activity, cultural failures, and the impact of the fine

RBS fined for LIBOR Manipulation; will lead to increased LIBOR Litigation

RBS was fined £87.5 million by the Financial Services Authority for manipulating the London Interbank Offered Rate (LIBOR), a key interest rate affecting trillions in derivatives contracts. This fraudulent activity, dating back to at least 2006, involved traders adjusting rates to benefit trading positions, causing losses to counterparties. This highlights serious cultural and oversight failures at RBS and other banks and will trigger increased LIBOR-related litigation.

Libor Fraud UK Litigation Solicitors

Graiseley Properties Ltd (Guardian Care Homes) v Barclays Bank PLC – LIBOR Manipulation Test Case

This landmark case involves claims by Graiseley Properties and Guardian Care Homes against Barclays Bank, alleging mis-selling of interest rate derivatives linked to LIBOR manipulation. It was the first English court case to address alleged fraudulent misrepresentation by Barclays related to LIBOR fixing. The case established precedents on implied misrepresentation and involved extensive evidence, including senior Barclays management. Legal experts are available to advise clients affected by such financial product mis-selling.

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Clydesdale and Yorkshire Banks’ Tailored Business Loans – Terms of ‘Swaps Mis-selling’ Review

The review of Interest Rate Hedging Products, including Tailored Business Loans, by Clydesdale and Yorkshire Banks in agreement with the Financial Services Authority. Customers who were not considered sophisticated at the time of sale shoul receive fair treatment and possible redress. The review is overseen. If you think this affects you, professional legal advice is available to protect your interests.

The Manipulation of LIBOR by the Banks and the Impact on Interest Rate Swap Mis-selling Claims

Barclays Bank was fined for manipulating LIBOR, impacting many UK small businesses sold complex interest rate derivatives on misleading terms. Banks implied LIBOR rates would be fair, but this was untrue, affecting the validity of these contracts. Businesses may seek contract termination or damages. Contact Lexlaw for expert evaluation and legal support on your claim.