Bank rows - Property Alliance Group's dust up with RBS draws to a close...

Monday, 17 October 2016, 10:14 pm

Little old Betaville headed to the High Court today for the final day of the Property Alliance Group's case against Royal Bank of Scotland.

There is some significant interest in this case as it’s the first Libor manipulation suit to reach the High Court. The case has been going on for something months now, with Manchester-based developer PAG accusing RBS of mis-selling it interest rate swaps, misconduct by the bank’s restructuring unit GRG and manipulating Libor. RBS has denied the lot. It will now by up to Justice Asplin to decide who’s right and richer, and who’s wrong and poorer.

One footnote to the case that’s worth recording. As part of his summing up RBS’s counsel Richard Handyside QC had to address certain slips the bank made when disclosing key pieces of evidence to the court and PAG. The slip being that RBS didn’t bother to hand over the evidence until very late in the day. “Sorry” was Handyside’s offering to the judge...

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