||All England Reporter
|| All ER (D) 13 (Mar)
|| EWHC 207 (Ch)
||Chancery Division, Companies Court
Sir Terence Etherton C
||Tim Lord QC and Kyle Lawson (instructed by Cooke, Young & Keidan LLP) for PAG.
||David Foxton QC and Adam Sher (instructed by Dentons UKMEA LLP) for RBS.
||27 January 2016
Practice - Transfer of proceedings - Application for transfer to Financial List - Issues of general market significance - Claimant bringing proceedings arising out of banking relationship with defendant bank (RBS) - Claims including allegations of mis-selling of four interest rate swaps and alleged improper conduct in relation to fixing of LIBOR rates - RBS applying to transfer proceedings form Chancery Division to Financial List - Whether application should be granted - Principles to be applied in deciding whether to accede to contested application for transfer existing proceedings into Financial List - CPR 30.5 - CPR 63A.1(2) - Practice Direction 63AA.
Practice Transfer of proceedings. The Companies Court granted the defendant Royal Bank of Scotland's application for an order to transfer proceedings brought by the claimant, Property Alliance Group Ltd, to the Financial List, notwithstanding that the claim was for less than 50m and that the transfer would result in a change of judge. It held that the allegations concerning, among other things, the alleged mis-selling of four interest rate swaps and, the alleged improper conduct of RBS in relation to the fixing of LIBOR rates involved important issues of general market significance and that a transfer into the Financial List satisfied the requirements of CPR 30.5, Practice Direction 63AA and the overriding objective. The court considered the applicable principles in deciding whether to accede to a contested application to transfer existing proceedings into the Financial List, where those proceedings satisfied the definition of 'Financial List claim' in CPR 63A.1(2).
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