LEXLAW Solicitors & Barristers
In a multi million pound breach of contract case, where there was no substantive defence to the claim and the Defendant accepted summary judgment and liability for the Claimant’s costs, the High Court held that a Claimant’s Part 36 offer to accept only 0.3% less than the full sum being claimed was a “genuine offer to settle” under CPR 36.17(5)(e).
The Property Alliance Group (PAG) appeal against RBS concerning interest rate swaps mis-selling, LIBOR manipulation, and GRG treatment was dismissed by the Court of Appeal in 2018. While PAG lost on the facts, the Court clarified key legal points: banks must exercise valuation rights for legitimate commercial purposes, not maliciously, and duties owed vary by case context. The judgment impacts many pending mis-selling claims, offering guidance on banks’ responsibilities and contractual rights. PAG’s LIBOR manipulation claim failed due to lack of evidence on sterling LIBOR but remains significant for other currencies.
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