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
