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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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NEWS
The Law Society RFC Festival of Sport returns next month, bringing together legal and financial services professionals for one of the sector’s largest annual sporting events
Legal aid deserts leave almost one in four without adequate access to justice
The Solicitors Regulation Authority (SRA) has warned solicitors and law firms that using artificial intelligence does not alter their professional obligations, amid concerns over inaccurate legal material and client confidentiality
From forgotten interest claims to case-management appeals, a string of procedural developments offers useful—and occasionally cautionary—lessons for practitioners

Jonathan Fisher KC highlights that it now accounts for around 40% of criminal offences, with roughly 70% involving technology, and argues that the UK cannot simply prosecute its way out of the problem. Detection, investigation and prosecution all require improvement, while different fraud types demand tailored responses.

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