13 Sep Property Alliance Group v Royal Bank of Scotland  EWHC 3342 (Ch) Named as Part of The Lawyer’s Top 20 Cases of 2016
The judgment in PAG v RBS was the first concerning LIBOR manipulation, and arguably the most significant judgment yet delivered by the Financial List. PAG was a property investment group whose primary banker was RBS until 2015. PAG commenced proceedings in September 2013, alleging mis-selling, breach of an alleged duty of good faith, and misrepresentation in relation to the purchase of four interest rate swaps between 2004 and 2008. The claim also contained claims relating to the alleged mis-selling of interest rate hedging products and the breach of implied terms when the claimant’s business was transferred into RBS’ Global Restructuring Group for refinancing. PAG was advised by Bird & Bird.
Hanif Virji was instructed as the derivatives expert in this case. In her judgment Justice Asplin remarked “Mr Virji gave his evidence clearly and confidently”.