Property tycoon Glenn Maud has brought an £800m claim against the Royal Bank of Scotland (RBS) over alleged losses arising from Euribor rigging. The case is likely to be the most valuable Euribor rigging and swaps mis-selling dispute litigated in London.
The action relates to a finance package entered into as part of the purchase of Santander’s global headquarters for £1.5bn by Maud’s property vehicle Marme Inversiones. RBS led as the majority lender on the provision of the finance package with the other defendants.
Maud alleges that RBS knew it was manipulating the European interest rate benchmark and, as a result, the interest rate swaps entered into with the bank should be rescinded and damages paid “for fraudulent or negligent misrepresentation or deceit”.
The claimant has instructed 4 Stone Buildings’ Richard Hill QC and Alastair Tomson. The first Defendant, RBS, has instructed 2 Verulam Buildings’ Adrian Beltrami QC and Laura John.
The case is due to be heard in the Chancery Division of the High Court in May.