Hausfeld Case Named as Part of the Lawyer’s Top 20 Cases to Watch in 2017
Related Lawyers: Anthony Maton, John McElroy
Related Practice Areas: Commercial and Financial Services Litigation
One of Hausfeld’s cases has been recognised in The Lawyer’s Top 20 cases to watch in 2017.
The case was originally issued in 2013 by Stuart Wall, former owner and director of the Opal Group, which went into administration in 2013 following a failed attempt at restructuring the company. Hausfeld took on the case in March 2016. The claim builds upon Hausfeld’s Guardian Care Homes action, which paved the way for further LIBOR litigation. Furthermore, the claim raises serious allegations against RBS’s global restructuring group, including the accusation that it conspired to push Opal Group into bankruptcy.
Full case details below and to read The Lawyer’s Top 20 Cases to watch in 2017 please click here.
Stuart Wall v Royal Bank of Scotland
Commercial court, October, 12 weeks
Property tycoon Stuart Wall has accused RBS of misleading him into taking out an interest rate swap that forced his business into financial distress, then “bullying” him when he questioned the bank’s actions.
He is suing for more than £400m in damages after his company Opal Property Group went bust. The dispute will call into question decisions made by RBS’s controversial global restructuring group (GRG) and raise concerns about the extent to which bank senior executives knew about Libor manipulation.
Expected to be the biggest swaps mis-selling claim against a bank in 2017, the case will draw on similar arguments to the high-profile Property Alliance Group (PAG) v RBS case, heard last summer. However, the High Court dismissed PAG’s claim late last year.
Wall’s legal team reunites the lawyers who sued Barclays for Graiseley Properties in 2014, which led to one of the most significant settlements in a Libor rigging case in the British courts.
Wall will also make serious allegations about RBS’s “failure” to disclose key documents related to its GRG division, which was the subject of a major BBC and Buzzfeed investigation in 2016.
For the claimant, Stuart Wall
Guildhall Chambers’ Stephen Davies QC, John Virgo and Neil Levy, instructed by Hausfeld partners Anthony Maton and John McElroy
For the defendant, RBS
Fountain Court Chambers’ Andrew Mitchell QC, Tamara Oppenheimer and Natasha Bennett, instructed by Dentons partners Thomas Leyland and Felicity Ewing
This distinction follows an outstanding year for the firm after having advised on complex loan financing, derivatives transactions and wider banking misconduct. Hausfeld also has pursued various insolvency applications including successfully challenging administrators on behalf of businesses.
Drawing on our unique strengths in competition and commercial litigation, Hausfeld is perfectly positioned to continue to act in claims arising out of LIBOR, Forex and other benchmark manipulations in the financial markets. For more information, please click here.