Post-PAG, will claimants able to evidence fraud have greater prospects of success? Andy McGregor & Chris Whitehouse report
- Where does Property Alliance Group v RBS leave benchmark manipulation claims?
- Prospects of success will be enhanced if a party had substantive discussions with the relevant bank about LIBOR.
- There is reason for greater optimism for potential claims relating to allegations of Forex manipulation.
In December the High Court handed down judgment in Property Alliance Group (PAG) v RBS [2016] EWHC 207 (Ch), [2016] All ER (D) 13 (Mar), to date the most comprehensive judicial analysis of a claim for damages in relation to LIBOR manipulation. This article considers the court's analysis of PAG's arguments and the implications for future LIBOR cases or other benchmark manipulation claims such as Forex.
LIBOR & why it matters
LIBOR, the London Interbank Offered Rate, is a series of daily interest rate benchmarks (in various currencies) administered by the British Banking Association (BBA) theoretically reflective of the cost of unsecured interbank borrowing. The daily calculation is based on submissions
