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First major LIBOR rigging claim dismissed by Financial List judge: speedread

After a 38 day trial, Mrs Justice Asplin handed down a 187 page judgment just before Christmas in the long-running Property Alliance Group Ltd v The Royal Bank of Scotland plc case. She rejected claims of mis-selling, breach of good faith obligations and misrepresentations associated with LIBOR. Property Alliance Group sued RBS over four interest … Continue Reading

Upper Tribunal refuses to stay regulatory proceedings pending a criminal trial

Background The Upper Tribunal (Tax and Chancery Chamber) hears references from decisions and supervisory notices issued by the Financial Conduct Authority (“FCA”) and other specified regulators. In this case three references were made by two former employees of Deutsche Bank (Messrs Bittar and Vogt) and a former Barclays Bank employee (Mr Moryoussef). The references related … Continue Reading

Judge dismisses application on mis-selling and LIBOR manipulation claim

In an April 2016 Financial List decision by Mrs Justice Asplin in Diane & Michael Hockin and Lonwest Ltd v Royal Bank of Scotland plc and National Westminster Bank plc [2016] EWHC 925 (Ch), the Bank unsuccessfully applied for strike out of parts of the mis-selling claim issued against them by the Claimants. The Claimants had … Continue Reading

LIBOR case transferred to Financial List

Last Thursday (28 January 2016) the Chancellor of the High Court, Sir Terence Etherton, ordered that Property Alliance Group’s ongoing £89 million claim against the Royal Bank of Scotland should be transferred to the Financial List. The case relates to allegations of mis-selling of four interest rate swaps, and includes claims that the swaps should be … Continue Reading

High Court Provides Further Clarity on the Extent of Litigation Privilege

The recent High Court decision in Property Alliance Group Ltd v Royal Bank of Scotland clarifies the meaning of the “dominant purpose” test in the context of the litigation privilege definition, and how it is applied where a party has obtained recordings of conversations through deception. Background The Court granted RBS’s application to inspect audio … Continue Reading

Are banks’ internal investigations still privileged?

Financial institutions have developed a trusted template for responding to recent major regulatory controversies. Faced with a regulatory investigation, banks today will usually form an internal working group to take ownership of the issue. That working group will in turn hire a law firm to carry out an internal investigation and report back. The bank … Continue Reading

Graiseley and Unitech: four things you didn’t know about the LIBOR cases

Introduction The recent Court of Appeal decisions in Graiseley Properties v Barclays Bank and Deutsche Bank v Unitech have understandably been attracting much attention and comment. Certainly, if Graiseley’s and Unitech’s LIBOR-based cases were to succeed at trial, the implications for trillions of pounds worth of LIBOR-related debt obligations and derivatives are truly mind-boggling.  But … Continue Reading