Asplin J has this morning (21 December 2016) handed down her judgment in PAG v RBS. PAG brought three claims against RBS. First, it alleged that it had been mis-sold four interest rate Swaps. Second, it alleged that RBS’s turnaround division, GRG, had acted in bad faith and abused various (alleged) discretions. Third, it alleged that RBS was in breach of various implied representations or terms relating to the setting of LIBOR. Following a trial lasting nearly 10 weeks, all of PAG’s claims have been dismissed.
A copy of the judgment may be found here.
A more detailed summary of the Court’s decision may be found here.