Real estate firm takes crucial step in bringing appeal against RBS for mis-selling
A real estate company has taken a key step in appealing its case against Royal Bank of Scotland, claiming the bank caused it losses through interest rates swaps mis-selling and Libor manipulation.
Property Alliance Group (PAG) has filed for permission for leave to appeal to the Court of Appeal, City PM understands.
The Manchester-based firm lost its case in the High Court last December, having sued the taxpayer-backed lender for more than £30m, claiming it had been mis-sold four interest rate swap products and had wrongly been moved into the Global Restructuring Group.
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The company also alleged key managers at the lender knew Libor, which its interest rate swap products were pinned on, was being manipulated.
RBS has not responded to City PM's request for comment at time of writing, while PAG was not available for comment.
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This mis-selling case is not the only legal claim the bank has faced recently. A group of 27,000 shareholders are taking RBS to court over claims the bank mislead them ahead of a £12bn fundraising round in 2008. That case is due to start being heard in June.
The bank is also facing a fine from the US Department of Justice for mis-selling mortage-backed securities, with some estimates suggesting the penalty could be as much as $12bn (£9.8bn).