Source: All England Reporter
Publisher Citation: [2017] All ER (D) 15 (Jan)
Neutral Citation: [2016] EWHC 3342 (Ch)
Court: Chancery Division

Asplin J

Representation Tim Lord QC, Adam Cloherty, Kyle Lawson and Ben Woolgar (instructed by Bird & Bird LLP) for PAG.
  Richard Handyside QC, Paul Sinclair, Adam Sher and Laurie Brock (instructed by Dentons UKMEA LLP) for RBS.
Judgment Dates: 21 December 2016


Contract - Implied terms - Breach - Claimant company issuing proceedings against defendant bank for rescission, and damages for misrepresentations and/or breaches of contract in connection with sale of swaps - Whether defendant having duty of care to provide full, accurate and proper explanation - Whether defendant making representations - Whether defendant breaching implied terms of contract.

The Case

Contract Implied terms. The Chancery Division dismissed the claimant company's claims against the defendant Royal Bank of Scotland (RBS) in relation to four interest rate derivative products which RBS sold to the claimant (the swaps). In particular, it rejected claims for rescission, damages arising out of RBS's representations and-or breaches of contract in connection with the sale of the swaps, the transfer of its business, and participation in and knowledge of the manipulation of the London Interbank Offered Rate rates.

Practice Areas

If you are a LexisLibrary subscriber you can read more about this case here.