UK:
Property Alliance Group Ltd v The Royal Bank of Scotland plc [2016] EWHC 3342 (Ch) (21 December 2016)
04 May 2017
TLT Solicitors
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The High Court recently considered the scope for argument that a
bank owed a duty to advise its customer, this time in the context
of the sale of four interest rate derivative products (swaps).
Royal Bank of Scotland plc (RBS) sold the swaps to Property
Alliance Group Ltd (PAG), a property investment and development
business, between 2004 and 2008.
PAG claimed (amongst other things), against RBS for mis-selling
of the swaps, for misrepresentations relating to Libor and for
breach of implied terms in connection with the transfer of PAG to
the management of RBS's Global Restructuring Group.
The court rejected PAG's claims in the entirety.
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