A Manchester-based property group is likely to seek a direct appeal to the country’s highest court over allegations that Royal Bank of Scotland mis-sold interest rate swaps as part of the Libor scandal.
On Friday Court of Appeal judges rejected claims by Property Alliance Group against RBS, while calling the bank’s behaviour “deeply shocking”. PAG’s legal team said that it would seek leave from the Supreme Court to continue its £30m test case in the interest rate manipulation saga.
The property group alleged that RBS had mis-sold it four interest-rate swap products and that the business was wrongly transferred into the bank’s Global Restructuring Group unit. PAG also claimed that the bank had misrepresented its position regarding its alleged behaviour over Libor, with the claimant arguing that the RBS managers knew about Libor manipulation.
