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27 January 2017 / Simon Duncan
Issue: 7731 / Categories: Features , Commercial
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A high hurdle

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If fraud is to be part of a “mis-selling” claim, claimants will need to carefully consider the form of the alleged fraud, says Simon Duncan

  • Claims based on fraudulent misrepresentation where the act complained of amounts to misconduct in relation to another LIBOR/currency other than the reference rate are likely to fail.

Just before Christmas, judgment was handed down in the Property Alliance Group v Royal Bank of Scotland [2016] EWHC 3342(Ch), [2017] All ER (D) 15 (Jan) case following a seven-week trial in the summer of 2016.

PAG was pursuing various swap “mis-selling” claims seeking rescission of its swaps and repayment of the monies paid over, together with consequential losses, a total of approximately £33m. It was the first trial of a claim alleging fraudulent misrepresentation of Sterling LIBOR against a bank following the financial crisis.

Mrs Justice Asplin dismissed each of the claims against the bank in a judgment that occupies 187 pages of the law reports. The purpose of this article is to consider just two of the claims; the

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MOVERS & SHAKERS

Slater Heelis—Charlotte Beck

Slater Heelis—Charlotte Beck

Partner and Manchester office lead appointed head of family

Civil Justice Council—Nigel Teasdale

Civil Justice Council—Nigel Teasdale

DWF insurance services director appointed to Civil Justice Council

R3—Jodie Wildridge

R3—Jodie Wildridge

Kings Chambers barrister appointed chair of R3 Yorkshire

NEWS

The abolition of assured shorthold tenancies and section 21 evictions marks the beginning of a ‘brave new world’ for England’s rental sector, writes Daniel Bacon of Seddons GSC

Stephen Gold’s latest Civil Way column rounds up a flurry of procedural and regulatory changes reshaping housing, alternative dispute resolution (ADR) and personal injury litigation
Patients are being systematically failed by an NHS complaints regime that is opaque, poorly enforced and often stacked against them, argues Charles Davey of The Barrister Group
A wealthy Russian divorce battle has produced a sharp warning about trying to challenge foreign nuptial agreements in the wrong English court. Writing in NLJ this week, Vanessa Friend and Robert Jackson of Hodge Jones & Allen examine Timokhin v Timokhina, where the High Court enforced Russian judgments arising from a prenuptial agreement despite arguments based on the landmark Radmacher decision
An obscure Victorian tort may be heading for an unexpected revival after a significant Privy Council ruling that could reshape liability for dangerous escapes, according to Richard Buckley, barrister and emeritus professor of law at the University of Reading
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