Second city is first for banking litigation

Birmingham has been a great place to be this week.

Temporary home to the all-conquering Jamaican Olympic sprint team, it was also the setting for the first banking misconduct case to come to court.

Cooke Young & Keidan has been as quick out of the blocks as Usain Bolt on the interest rate swap mis-selling litigation. And Judge Simon Brown QC, sitting at Birmingham Mercantile Court, dismissed Barclays’ attempt to call for a false start.

In sporting terms, the banking scandal litigation promises to be more of a marathon than a sprint, with firms such as RPC joining the pack with multiple claimants.

Meanwhile, on Friday the Barclay brothers – not to be confused with the bank of a similar name – will find out if they have successfully seen off a claim from property tycoon Paddy McKillen over control of the Maybourne Hotel Group.

The hotly contested case has pitched Weil Gotshal & Manges against Herbert Smith and guarantees one team will end the week on top of the podium, with the other tasting the bitter tears of defeat.