PAG v RBS set to continue

On 22 May 2017, the Court of Appeal granted permission for Property Alliance Group Ltd to appeal the High Court decision in Property Alliance Group Ltd v The Royal Bank of Scotland Plc [2016] EWHC 3342 (Ch) (21 December 2016), in which it lost its claim against the company for (inter alia) breach of duty by RBS’ Global Restructuring Group and alleged LIBOR manipulation, which affected the cost of its borrowing with the bank.

The appeal should be heard by no later than 23 May 2018. The decision to allow the appeal to proceed underlines that banks involved in setting LIBOR should not yet consider themselves in the clear in relation to the claims brought by borrowers which continue to work their way through the courts.