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Proposals for reform in banking litigation

Ned Beale discusses some important developments for consumers arising out of RBS’s PAG judgment and the rights issue litigation settlement

31 January 2017

December 2016 saw several important developments in litigation concerning Royal Bank of Scotland’s historic activities, with implications for the sector generally in the coming year.

Mrs Justice Asplin’s judgment in favour of RBS on 21 December 2016 in the case of Property Alliance Group v Royal Bank of Scotland [2016] EWHC 3342 (Ch) followed a two-month trial. The litigation attracted attention because PAG’s claims included two well-publicised allegations: wrongful conduct by RBS’s restructuring division, Global Restructuring Group (GRG), and LIBOR manipulation.

RBS litigation

The rejection of the GRG and LIBOR claims broke new ground, being one of the first times that GRG and LIBOR allegations have been considered at trial. Asplin J’s judgment largely rejected the terms which PAG sough...

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