Interest rate swap test-case update
Walker Morris’s earlier briefing explained that businessmen Rowley and Green had sought to pursue RBS for compensation following an interest rate swap deal that left them significantly out of pocket. The High Court held that RBS did not make any misstatements to Rowley and Green and did not provide any advice in connection with the interest rate swap, and as such the bank was not held liable for their losses. The case, which has been seen by some as something of a test case for the thousands of businesses that have accused Britain’s banks of financial mis-selling, was then referred to the Court of Appeal at the end of July.
The court’s written judgment has been reserved and is expected in the autumn, but while full details are awaited we do already know that the Court of Appeal unanimously dismissed Rowley and Green’s appeal and endorsed the High Court’s decision. It is also clear that the decision in this case was very much fact specific, and commentary to date suggests that the claimants and their representatives are keen to suggest that the decision is of limited wider application…
If you are registered and logged in to the site, click on the link below to read the rest of the Walker Morris briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Walker Morris
News from The Lawyer
Briefings from Walker Morris
A legal principle dating back to 1895 can bite when deals based on trust, often made between friends, go bad.
Case may prove key for victims seeking to recoup fraud losses from their legal advisers.
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
The law school war shows no signs of ending. But we have, perhaps, reached the end of the beginning.