RBS facing £400 million mis-selling law suit
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RBS is to face another major legal action over the alleged mis-selling of interest rate swaps at a time when bosses are said to have known of Libor-rigging.
The state-owned bank denies the accusations made by Stuart Wall, head of student accommodation company Opal Property, until it collapsed in 2013, and says it will vigorously contest the action.
Wall has included a new allegation in documents lodged with the High Court that false Libor submissions were known about “at a high level”, and included sterling Libor manipulation.
The case is scheduled for October 2017 with a case management hearing set for next month.
Wall is suing for damages of around £400 million but this could rise to as much as £700m.
“It’s taken everything I’ve worked for, 30-odd years building up a company,” Wall told the Evening Standard.
“They took it away and we didn’t understand why. There are so many people who have given up because of the cost of justice.”
RBS was fined £390m for fixing yen and Swiss franc Libor but denies it fixed sterling Libor.
The bank is currently at the High Court fighting similar claims by the Property Action Group.
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