January 16, 2013 // Franchising.com // London - SNR Denton has advised The Royal Bank of Scotland plc (RBS) in defending a claim regarding the alleged mis-sale of an interest rate swap.
Mr Green and Mr Rowley, the claimants, suggested that RBS had breached its duties in selling the swap in May 2005. The Judge, Waksman HHJ, sitting in the Manchester Mercantile Court, dismissed the claim in its entirety. The court held that RBS did not owe a duty to advise its customers in relation to the swap and complied with the obligation to clearly explain how the swap worked.
The precedent-setting case provides clarity on what the court considers to be the scope of duties owed by banks in selling such products. It is understood to be the first interest rate swap mis-selling case to go to trial in the High Court.
Partner Richard Caird and associate Kattalin Truman acted for RBS. SNR Denton instructed Andrew Mitchell QC of Fountain Court as counsel.
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On November 28, 2012, the partners of SNR Denton voted to combine with international law firm Salans and Canadian law firm Fraser Milner Casgrain (FMC) to create Dentons—a new Top 10 international law firm with more than 2,500 lawyers and professionals in 79 locations in 52 countries—to provide clients a competitive edge in an increasingly complex, interconnected and competitive marketplace. The new firm will launch first quarter of 2013. For more information, visit dentonscombination.com.
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