Court of Appeal Upholds Decision That RBS Not Guilty of Interest Rate Swap Mis-selling

    July 2013

    On Monday, the Court of Appeal dismissed an appeal by Messrs Green and Rowley that they had been mis-sold an interest rate hedging product, upholding the first instance decision of the High Court, which dismissed their mis-selling claim in its entirety. Judgment has been reserved, so the precise reasoning is not yet known. It is believed that the appeal turned on questions of limitation and duty of care, the Court of Appeal determining that the claim was out of time and that the Bank either did not owe a duty of care, or was not in breach of that duty.

    The facts of the case were complex and Mr Justice Waksman was keen to point out at first instance that the decision was highly factspecific, turning largely on disputed evidence as to what had or had not been said to the claimants at the time that they agreed to take out the interest rate hedging products.