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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

London Solicitors Litigation Association—John McElroy

London Solicitors Litigation Association—John McElroy

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NEWS
Freezing orders in divorce proceedings can unexpectedly ensnare third parties and disrupt businesses. In NLJ this week, Lucy James of Trowers & Hamlins explains how these orders—dubbed a ‘nuclear weapon’—preserve assets but can extend far beyond spouses to companies and business partners 
A Court of Appeal ruling has clarified that ‘rent’ must be monetary—excluding tenants paid in labour from statutory protection. In this week's NLJ, James Naylor explains Garraway v Phillips, where a tenant worked two days a week instead of paying rent
Thousands more magistrates are to be recruited, under a major shake-up to speed up and expand the hiring process
Three men wrongly imprisoned for a combined 77 years have been released—yet received ‘not a penny’ in compensation, exposing deep flaws in the justice system. Writing in NLJ this week, Dr Jon Robins reports on Justin Plummer, Oliver Campbell and Peter Sullivan, whose convictions collapsed amid discredited forensics, ‘oppressive’ police interviews and unreliable ‘cell confessions’
A quiet month for employment cases still delivers key legal clarifications. In his latest Employment Law Brief for NLJ, Ian Smith reports that whistleblowing protection remains intact even where disclosures are partly self-serving, provided the worker reasonably believes they serve the ‘public interest’ 
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