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A high hurdle

27 January 2017 / Simon Duncan
Issue: 7731 / Categories: Features , Commercial
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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 landmark Supreme Court’s decision in Johnson v FirstRand Bank Ltd—along with Rukhadze v Recovery Partners—redefine fiduciary duties in commercial fraud. Writing in NLJ this week, Mary Young of Kingsley Napley analyses the implications of the rulings
Barristers Ben Keith of 5 St Andrew’s Hill and Rhys Davies of Temple Garden Chambers use the arrest of Simon Leviev—the so-called Tinder Swindler—to explore the realities of Interpol red notices, in this week's NLJ
Mazur v Charles Russell Speechlys [2025] has upended assumptions about who may conduct litigation, warn Kevin Latham and Fraser Barnstaple of Kings Chambers in this week's NLJ. But is it as catastrophic as first feared?
Lord Sales has been appointed to become the Deputy President of the Supreme Court after Lord Hodge retires at the end of the year
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