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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