The Mis-Selling of Interest Rate Swaps - A Discussion

Sun, 23 Feb 2014

The article can be downloaded here: Paul Marshall JIBFL Article
 
 
Paul Marshall has been instructed in a number of significant Interest Rate Hedging Product (i.e. ‘swaps’) mis-selling cases (both straightforward swaps and also bonds linked to hedging products).  
 
As many will be aware, the recent RBS swaps cases have thrown up interesting issues, including the proper characterization of legal duties owed by banks and other regulated firms, standard form limitation/exclusion terms, and Limitation Act problems. These issues are further complicated by the LIBOR manipulation points raised in Graisely Properties v Barclays. In the January 2014 issue of Butterworths Journal of International Banking and Financial Law (JIBFL) in an article entitled: 
 
“Interest rate swaps and the sale of the unknown: blind alleys, an enfeebled equity and the triumph of certainty over fairness”
 
a copy of which can be downloaded below, Paul discusses problems that arise at the interface between statutory regulation and the common law.  Consideration is given to a possible role for equity in giving recognition to the disparity that exists in knowledge, information and expertise between the bank/firm and the client purchaser of a hedging product. That imbalance typically lies at the heart of problems in bargaining for and allocating risks undertaken by individuals and small companies in connection with OTC products of this kind.
 
For many years Paul has been recommended by both The Legal 500 and Chambers and Partners for commercial litigation/dispute resolution. He is described as “a very tough opponent”  -  “…. very good in a difficult case” and "sources praise his original mind and capacity for lateral thinking": Chambers and Partners (for further information see Chambers’ profile please click here).
 
For further information on No5’s swaps team and other commercial expertise please click here or contact: 
Tony McDaid, Chambers’ Practice Director [email protected] or, 
James Parks, Senior Practice Manager [email protected]
or call 0845 210 5555.

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