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High Court gives permission for fraud claims in LIBOR/swaps claim against RBS

There has been an important development in the ongoing court battle between the Property Alliance Group and RBS in the High Court in London.
On 13 November 2015, Mr Justice Birss gave permission to PAG to amend its claims against RBS to add two important new claims. The first new claim relates to additional breaches of duty by RBS arising out of interest rate swaps sold to PAG. The second, and arguably more important, new claim relates to specific allegations of “fraudulent misrepresentation”.  PAG expressly allege that RBS was aware of, and participated in, the manipulation of LIBOR benchmark rates.  A number of individual high-ranking executives have been specifically identified.  
The Judge ruled that “the material relied on by PAG and set out in the Amended Particulars of Claim and its schedule provides ample prima facie support for an inference of fraud and dishonesty at the highest levels of RBS.” 
Balfour+Manson are advising a number of businesses in relation to claims against the major banks, including RBS. If you require any further information on this, please contact Gordon Deane on 0131 200 1485 or by email to gordon.deane@balfour-manson.co.uk