13 Aug Stuart Barrie Wall v Royal Bank of Scotland Named as Part of The Lawyer’s Top 20 Cases to Watch in 2017
Property tycoon Stuart Wall accused RBS of misleading him into taking out an interest rate swap that forced his business into financial distress, then “bullying” him when he questioned the bank’s actions. Wall sued RBS for more than £400 million in damages after his company Opal Property Group went bust. The dispute called into question decisions made by RBS’s global restructuring group (GRG) and raised concerns about the extent to which senior bank executives knew about LIBOR manipulation. The biggest swaps mis-selling claim against a bank in 2017, the case drew on similar arguments to the high-profile Property Alliance Group (PAG) v RBS case, heard in 2016.
Hanif Virji of AHV was instructed as the derivatives expert in this case. The case settled on a confidential basis prior to trial.