Posted by Milan Kapadia, Partner
PAG v RBS set to continue
RBS are no longer in the clear in their case against the Property Alliance Group, as the Court of Appeal authorises the borrowing company’s appeal.
On 22 May 2017, the Court of Appeal granted permission for Property Alliance Group Ltd to appeal the High Court decision in Property Alliance Group Ltd v The Royal Bank of Scotland Plc [2016] EWHC 3342 (Ch) (21 December 2016), in which it lost its claim against the company for (inter alia) breach of duty by RBS’ Global Restructuring Group and alleged LIBOR manipulation, which affected the cost of its borrowing with the bank.
The appeal should be heard by no later than 23 May 2018. The decision to allow the appeal to proceed underlines that banks involved in setting LIBOR should not yet consider themselves in the clear in relation to the claims brought by borrowers which continue to work their way through the courts.
For more information on PAG v RBS, please contact Milan Kapadia in our International Banking team on:
0207 583 2222 Email us
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