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The new wave (Pt 2)

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18 December 2015 / Simon Duncan
Issue: 7682 / Categories: Features , Banking , Commercial , Litigation trends
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LIBOR manipulation & disclosure: Simon Duncan continues his review of recent banking litigation in the wake of swap mis-selling

The judgment of Mr Justice Birss was handed down after the latest interim hearing in Property Alliance Group Limited v The Royal Bank of Scotland Plc [2015] EWHC 3272 (Ch), [2015] All ER (D) 159 (Nov) on 13 November 2015.

Property Alliance Group Limited (PAG) is a property developer. PAG entered into four interest rate swaps with the defendant bank (RBS) between October 2004 and April 2008. Each swap used GBP LIBOR as a reference rate. PAG terminated the swaps in June 2011 at a break cost of £8m to stem their ongoing losses. PAG issued its claim in September 2013, seeking to recover the break cost and a further £5m paid under the swaps.

Following the Court of Appeal’s decision in Graiseley v Barclays Bank and Others [2013] EWCA Civ 1372, [2013] All ER (D) 100 (Nov). PAG pleaded that RBS made four representations about LIBOR. In summary:

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