Property Alliance Group Ltd v Royal Bank of Scotland plc

Subject Matter

NEGLIGENCE — Duty of care — Bank — Claimant entering into swaps agreements with bank — Claimant incurring substantial break costs upon early termination — Whether bank under duty of care to provide claimant with information on break costs before entering into swaps agreements

[2018] EWCA Civ 355; [2018] 1 WLR 3529; [2018] 2 All ER (Comm) 695; [2018] 2 BCLC 322; [2018] WLR (D) 160, CA

FRAUD — Misrepresentation — Swaps agreements — Claimant entering into swaps agreements with bank — Swaps referenced to sterling LIBOR — Bank manipulating Japanese yen and Swiss franc LIBOR — Whether bank representing that swaps constituting hedges that would reduce claimant’s overall interest rate exposure — Whether bank impliedly representing that it would not seek to manipulate LIBOR — Guidance on determining whether implied representation made

[2018] EWCA Civ 355; [2018] 1 WLR 3529; [2018] 2 All ER (Comm) 695; [2018] 2 BCLC 322; [2018] WLR (D) 160, CA

EVIDENCE — Witness statements — Admissibility — Defence witness making statement prior to trial but not called to give evidence at trial — Whether claimant permitted to put part of statement in as hearsay evidence — CPR r 32.5(5)

[2018] EWCA Civ 355; [2018] 1 WLR 3529; [2018] 2 All ER (Comm) 695; [2018] 2 BCLC 322; [2018] WLR (D) 160, CA

Appellate History

Legislation Considered

Statutory Instruments

CPR (Civil Procedure Rules) (0000 ), r 32.5(5)

Cases Considered

Cases considered in: Property Alliance Group Ltd v Royal Bank of Scotland plc [2018] EWCA Civ 355; [2018] 1 WLR 3529; [2018] 2 All ER (Comm) 695; [2018] 2 BCLC 322; [2018] WLR (D) 160, CA

Cases Cited

Cases cited in: Property Alliance Group Ltd v Royal Bank of Scotland plc [2016] EWHC 3342 (Ch), Ch D

Armory v Delamirie (1722) 1 Str. 505

Bailey v Barclays Bank Plc [2014] EWHC 2882 (QB), QBD

Bankers Trust International plc v PT Dharmala Sakti Sejahtera [1996] CLC 518, QBD

Board of Trade v Steel Bro & Co Ltd [1952] 1 Lloyd's Rep 87

Box v Midland Bank Ltd [1979] 2 Lloyd's Rep 391, QBD

Braganza v BP Shipping Ltd (The British Unity) [2015] UKSC 17; [2015] 1 WLR 1661; [2015] ICR 449; [2015] 4 All ER 639; [2015] 2 Lloyd's Rep 240; [2015] IRLR 487; [2015] WLR (D) 158; The Times, 6 April 2015; [2015] Pens LR 431; Case details, SC(E)

Brandeis (Brokers) Ltd v Black [2001] All ER (Comm) 980

Cassa di Risparmio della Repubblica di San Marino SpA v Barclays Bank Ltd [2011] EWHC 484 (Comm); [2011] 1 CLC 701, QBD

Compass Group UK and Ireland Ltd (trading as Medirest) v Mid Essex Hospital Services NHS Trust [2013] EWCA Civ 200; [2013] BLR 265; [2013] CN 403, CA

Cornish v Midland Bank plc (Humes third party) [1985] 3 All ER 513; [1985] FLR 298, CA

Crestsign Ltd v National Westminster Bank plc [2014] EWHC 3043 (Ch); [2015] 2 All ER (Comm) 133; [2014] CN 1615, Ch D

Dadourian Group International v Simms [2006] EWHC 2973 (Ch), Ch D

Downs v Chappell [1997] 1 WLR 426; [1996] 3 All ER 344, CA

Edgington v Fitzmaurice 29 ChD 459, CA

Geest plc v Fyffes plc [1999] 1 All ER (Comm) 672

Graiseley Properties Ltd v Barclays Bank plc [2013] EWCA Civ 1372; [2013] CN 1694, CA

Green v Royal Bank of Scotland plc (Financial Conduct Authority intervening) [2013] EWCA Civ 1197; [2014] Bus LR 168; [2013] CN 1483, CA

Horkulak v Cantor Fitzgerald International [2004] EWCA Civ 1287; [2005] ICR 402, CA

IFE Fund SA v Goldman Sachs International [2006] EWHC 2887 (Comm); [2007] 1 Lloyd's Rep 264, QBD

JML Direct Ltd v Freesat UK Ltd [2010] EWCA Civ 34, CA

Marks and Spencer plc v BNP Paribas Securities Services Trust Co (Jersey) Ltd [2015] UKSC 72; [2016] AC 742; [2015] 3 WLR 1843; [2016] 4 All ER 441; 163 Con LR 1; [2016] 1 P & CR 13; [2016] L & TR 8; The Times, 12 December 2015; [2015] WLR (D) 501; [2016] CILL 3779; Case details, SC(E)

McPhilemy v Times Newspapers Ltd (No 2) [2000] 1 WLR 1732, CA

Myers (Dennis Edward) v Kestrel Acquisitions Ltd [2015] EWHC 916 (Ch), Ch D

P&O Nedlloyd BV v Arab Metals Co (No 2) [2007] 1

Parabola Investments Ltd v Browallia Cal Ltd (formerly Union Cal Ltd) [2009] EWHC 901 (Comm); [2009] 2 All ER (Comm) 589, QBD

Paragon Finance plc v Nash [2001] EWCA Civ 1466; [2002] 1 WLR 685; [2001] 2 All ER (Comm) 1025; [2002] 2 All ER 248, CA

Peyman v Lanjani [1985] Ch 457; [1985] 2 WLR 154; [1984] 3 All ER 703, CA

RTS Flexible Systems Ltd v Molkerei Alois Müller GmbH & Co KG (UK Production) [2010] UKSC 14; [2010] 1 WLR 753; [2010] Bus LR 776; [2010] 3 All ER 1; [2010] 2 All ER (Comm) 97; [2010] WLR (D) 75; Case details, SC(E)

Sharland v Sharland [2015] UKSC 60; [2016] AC 871; [2015] 3 WLR 1070; [2016] 1 All ER 671; [2015] 2 FLR 1367; [2015] WLR (D) 408; Case details, SC(E)

Sharpley v Louth and East Coast Railway Co 2 ChD 663, CA

Socimer International Bank Ltd v Standard Bank London Ltd [2008] EWCA Civ 116; [2008] Bus LR 1304; [2008] 1 Lloyd's Rep 558, CA

Spice Girls Ltd v Aprilia World Service BV [2002] EWCA Civ 15; [2002] EMLR 27, CA

TSG Building Services plc v South Anglia Housing Ltd [2013] BLR 484

Thornbridge Ltd v Barclays Bank Plc [2015] EWHC 3430 (QB), QBD

UBS AG (London Branch) v Kommunale Wasserwerke Leipzig GmbH [2014] EWHC 3615 (Comm); [2014] CN 2065, QBD

Wiszniewski v Central Manchester Health Authority [1998] PIQR 324

Yam Seng Pte Ltd v International Trade Corpn Ltd [2013] EWHC 111 (QB); [2013] Bus LR D53; [2013] 1 All ER (Comm) 1321; [2013] CN 178; [2013] 1 Lloyd’s Rep 526, QBD

Zurich Insurance Co plc v Hayward [2016] UKSC 48; [2017] AC 142; [2016] 3 WLR 637; [2016] 4 All ER 628; [2016] 2 All ER (Comm) 755; [2016] WLR (D) 423; Case details, SC(E)

v PT Dharmala Sakti Sejahtera [1996] 1 CLC 518

Cases cited in: Property Alliance Group Ltd v Royal Bank of Scotland plc [2018] EWCA Civ 355; [2018] 1 WLR 3529; [2018] 2 All ER (Comm) 695; [2018] 2 BCLC 322; [2018] WLR (D) 160, CA

Abu Dhabi National Tanker Co v Product Star Shipping Ltd (No 2) [1993] 1 Lloyd's Rep 397, CA

Akerhielm v de Mare [1959] AC 789; [1959] 3 WLR 108; [1959] 3 All ER 485, PC

Bankers Trust International plc v PT Dharmala Sakti Sejahtera [1996] CLC 518, QBD

Barlow Clowes International Ltd v Eurotrust International Ltd [2005] UKPC 37; [2006] 1 WLR 1476; [2006] 1 All ER 333; [2006] 1 All ER (Comm) 478; [2006] 1 Lloyd's Rep 225, PC

Braganza v BP Shipping Ltd (The British Unity) [2015] UKSC 17; [2015] 1 WLR 1661; [2015] ICR 449; [2015] 4 All ER 639; [2015] 2 Lloyd's Rep 240; [2015] IRLR 487; [2015] WLR (D) 158; The Times, 6 April 2015; [2015] Pens LR 431; Case details, SC(E)

British Telecommunications plc v Telefónica O2 UK Ltd [2014] UKSC 42; [2014] Bus LR 765; [2014] 4 All ER 907; [2014] 2 All ER (Comm) 877; Case details, SC(E)

CGL Group Ltd v Royal Bank of Scotland plc [2017] EWCA Civ 1073; [2018] 1 WLR 2137, CA

Cassa di Risparmio della Repubblica di San Marino SpA v Barclays Bank Ltd [2011] EWHC 484 (Comm); [2011] 1 CLC 701, QBD

Chandler v Cape plc [2012] EWCA Civ 525; [2012] 1 WLR 3111; [2012] ICR 1293; [2012] 3 All ER 640, CA

Compass Group UK and Ireland Ltd (trading as Medirest) v Mid Essex Hospital Services NHS Trust [2013] EWCA Civ 200; [2013] BLR 265; [2013] CN 403, CA

Cornish v Midland Bank plc (Humes third party) [1985] 3 All ER 513; [1985] FLR 298, CA

Crestsign Ltd v National Westminster Bank plc [2014] EWHC 3043 (Ch); [2015] 2 All ER (Comm) 133; [2014] CN 1615, Ch D

Customs and Excise Comrs v Barclays Bank plc [2006] UKHL 28; [2007] 1 AC 181; [2006] 3 WLR 1; [2006] 4 All ER 256; [2006] 2 All ER (Comm) 831; [2006] 2 Lloyd's Rep 327; [2006] 1 CLC 1096; (2006) 156 NLJ 1060; The Times, 22 June 2006, HL(E)

Derry v Peek 14 App Cas 337, HL

Ex Parte Whittaker, In Re Shackleton LR 10 Ch App 446, DC

FAGE UK Ltd v Chobani UK Ltd [2014] EWCA Civ 5; [2014] FSR 29; [2014] ETMR 26; [2014] CN 90; [2014] CTLC 49, CA

Foster v Action Aviation Ltd [2013] EWHC 2439 (Comm), QBD

Geest plc v Fyffes plc [1999] 1 All ER (Comm) 672

Graiseley Properties Ltd v Barclays Bank plc [2013] EWCA Civ 1372; [2013] CN 1694, CA

Green v Royal Bank of Scotland plc (Financial Conduct Authority intervening) [2013] EWCA Civ 1197; [2014] Bus LR 168; [2013] CN 1483, CA

Greenclose Ltd v National Westminster Bank Plc [2014] EWHC 1156 (Ch), Ch D

Gross v Lewis Hillman Ltd [1970] Ch 445; [1969] 3 WLR 787; [1969] 3 All ER 1476, CA

Hedley Byrne & Co Ltd v Heller & Partners Ltd [1964] AC 465; [1963] 3 WLR 101; [1963] 2 All ER 575; [1963] 1 Lloyd's Rep 485, HL(E)

Henderson v Foxworth Investments Ltd [2014] UKSC 41; [2014] 1 WLR 2600; 2014 SC (UKSC) 203; [2014] WLR (D) 290; Case details, SC

Henderson v Merrett Syndicates Ltd [1995] 2 AC 145; [1994] 3 WLR 761; [1994] 3 All ER 506; [1994] 2 Lloyd's Rep 468, HL(E)

Horkulak v Cantor Fitzgerald International [2004] EWCA Civ 1287; [2005] ICR 402, CA

IFE Fund SA v Goldman Sachs International [2006] EWHC 2887 (Comm); [2007] 1 Lloyd's Rep 264, QBD

In Re Eastgate, Ex Parte Ward [1905] 1 KB 465, KBD

Ivey v Genting Casinos (UK) Ltd (trading as Crockfords Club) [2017] UKSC 67; [2018] AC 391; [2017] 3 WLR 1212; [2018] 2 All ER 406; [2018] 1 Cr App R 12; [2017] WLR (D) 708; Case details, SC(E)

JML Direct Ltd v Freesat UK Ltd [2010] EWCA Civ 34, CA

Leni Gas & Oil Investments Ltd v Malta Oil Pty Ltd [2014] EWHC 893 (Comm); [2014] CN 749, QBD

London Executive Aviation Ltd v Royal Bank of Scotland plc [2018] EWHC 74 (Ch), Ch D

Man Nutzfahrzeuge Aktiengesellschaft v Freightliner Ltd [2005] EWHC 2347 (Comm), QBD

Marz Ltd v Royal Bank of Scotland plc [2017] EWHC 3618 (Ch)

McPhilemy v Times Newspapers Ltd (No 2) [2000] 1 WLR 1732, CA

Parabola Investments Ltd v Browallia Cal Ltd (formerly Union Cal Ltd) [2009] EWHC 901 (Comm); [2009] 2 All ER (Comm) 589, QBD

Paragon Finance plc v Nash [2001] EWCA Civ 1466; [2002] 1 WLR 685; [2001] 2 All ER (Comm) 1025; [2002] 2 All ER 248, CA

Playboy Club London Ltd v Banca Nazionale del Lavoro SpA [2016] EWCA Civ 457; [2016] 1 WLR 3169; [2017] 1 All ER (Comm) 309; [2016] BCLC 442; [2016] WLR (D) 266, CA

Property Alliance Group Ltd v Royal Bank of Scotland plc [2015] EWHC 3272 (Ch); [2015] CN 1803, Ch D

R v H [2015] EWCA Crim 46, CA

Raiffeisen Zentralbank Österreich AG v Royal Bank of Scotland plc [2010] EWHC 1392 (Comm); [2011] Bus LR D65; [2011] 1 Lloyd's Rep 123, QBD

Ray v Sempers [1973] 1 WLR 614, HL(E)

Robinson v Chief Constable of West Yorkshire Police [2018] UKSC 4; [2018] AC 736; [2018] 2 WLR 595; [2018] 2 All ER 1041; [2018] WLR (D) 83; Case details, SC(E)

Rogers v Hoyle [2014] EWCA Civ 257; [2015] QB 265; [2014] 3 WLR 148; [2014] 3 All ER 550; [2014] CN 455, CA

Socimer International Bank Ltd v Standard Bank London Ltd [2008] EWCA Civ 116; [2008] Bus LR 1304; [2008] 1 Lloyd's Rep 558, CA

Thomas v Triodos Bank NV [2017] EWHC 314 (QB); [2018] 1 BCLC 530, QBD

Thornbridge Ltd v Barclays Bank Plc [2015] EWHC 3430 (QB), QBD

UBS AG (London Branch) v Kommunale Wasserwerke Leipzig GmbH [2014] EWHC 3615 (Comm); [2014] CN 2065, QBD

Wani LLP v The Royal Bank of Scotland plc [2015] EWHC 1181 (Ch); [2015] CN 742, Ch D

Watson Farley and Williams v Ostrovizky [2015] EWCA Civ 457; [2015] CN 782, CA

Wisniewski v Central Manchester Health Authority [1998] PIQR P324; [1998] Lloyd’s Rep Med 223, CA

Subsequent Consideration

Cases subsequently considering: Property Alliance Group Ltd v Royal Bank of Scotland plc [2018] EWCA Civ 355; [2018] 1 WLR 3529; [2018] 2 All ER (Comm) 695; [2018] 2 BCLC 322; [2018] WLR (D) 160, CA

Cases subsequently considering: Property Alliance Group Ltd v Royal Bank of Scotland plc [2016] EWHC 3342 (Ch), Ch D

Cases citing

Cases citing: Property Alliance Group Ltd v Royal Bank of Scotland plc [2016] EWHC 3342 (Ch), Ch D

Boyse (International) Ltd v Natwest Markets plc [2020] EWHC 1264 (Ch), Ch D

British Telecommunications plc v BT Pension Scheme Trustees Ltd [2018] EWHC 69 (Ch), Ch D

London Executive Aviation Ltd v Royal Bank of Scotland plc [2018] EWHC 74 (Ch), Ch D

Loreley Financing (Jersey) No 30 Ltd v Credit Suisse Securities (Europe) Ltd [2023] EWHC 2759 (Comm), KBD

Marme Inversiones 2007 SL v Natwest Markets PLC [2019] EWHC 366 (Comm), QBD

Marz Ltd v Bank of Scotland Plc (includes Costs) [2017] EWHC 3618 (Ch), Ch D

Mason v Godiva Mortgages Ltd [2018] EWHC 3227 (QB), QBD

R v Merchant (Jay) [2017] EWCA Crim 60; [2017] 4 WLR 217; [2018] 1 Cr App R 11, CA

Revenue and Customs Comrs v IGE USA Investments Ltd [2020] EWHC 2121 (Ch); [2020] STC 2091, Ch D

Revenue and Customs Comrs v IGE USA Investments Ltd [2021] EWCA Civ 534; [2021] Ch 423; [2021] 3 WLR 313; [2022] 2 All ER 139; [2021] STC 887; [2021] WLR(D) 199, CA

Standish v Royal Bank of Scotland [2018] EWHC 1829 (Ch); [2019] 1 All ER (Comm) 97, Ch D

Super-Max Offshore Holdings v Malhotra [2017] EWHC 3246 (Comm), QBD

Thomas v Triodos Bank NV [2017] EWHC 314 (QB); [2018] 1 BCLC 530, QBD

WTA Global Holdings Limited (in liquidation) v Lombard North Central Plc [2019] EWHC 277 (Comm), QBD

Cases citing: Property Alliance Group Ltd v Royal Bank of Scotland plc [2018] EWCA Civ 355; [2018] 1 WLR 3529; [2018] 2 All ER (Comm) 695; [2018] 2 BCLC 322; [2018] WLR (D) 160, CA

Abbey v Abbeyfield VE Ltd [2018] EWHC 669 (Ch), Ch D

Al-Najar v Cumberland Hotel (London) Ltd [2019] EWHC 1593 (QB); [2019] 1 WLR 5953; [2019] WLR(D) 354, QBD

Aurora Developments Ltd & Ors v Delta Holdings Ltd & Ors [2018] EWHC 1047 (Ch), Ch D

Barrowfen Properties Ltd v Patel [2021] EWHC 2055 (Ch), Ch D

CJ and LK Perks Partnership v Natwest Markets plc [2022] EWHC 726 (Comm), QBD

Carney v NM Rothschild & Sons Ltd [2018] EWHC 958 (Comm), QBD

Cathay Pacific Airways Ltd v Lufthansa Technik AG [2020] EWHC 1789 (Ch), Ch D

Cody v Remus White Ltd [2021] EWHC 1755 (QB), QBD

De Sena v Notaro [2020] EWHC 1031 (Ch); [2021] 1 BCLC 366, Ch D

ED&F Man Capital Markets Ltd v Come Harvest Holdings Ltd [2022] EWHC 229 (Comm), QBD

Equitas Insurance Ltd v Municipal Mutual Insurance Ltd [2019] EWCA Civ 718; [2020] QB 418; [2019] 3 WLR 613; [2020] 1 All ER 16; [2019] 2 All ER (Comm) 843; [2019] WLR (D) 245, CA

Farol Holdings Ltd v Clydesdale Bank plc [2024] EWHC 593 (Ch), Ch D

Fine Care Homes Ltd v National Westminster Bank plc [2020] EWHC 3233 (Ch), Ch D

Glossop Cartons and Print Ltd v Contact (Print & Packaging) Ltd [2019] EWHC 2314 (Ch), Ch D

Hall v Saunders Law Ltd [2020] EWHC 404 (Comm), QBD

Ivy Technology Ltd v Martin [2022] EWHC 1218 (Comm), QBD

Karpasitis v Hertfordshire County Council [2023] EWHC 2614 (KB); [2024] RTR 12, KBD

Lakatamia Shipping Co Ltd v Su [2021] EWHC 1907 (Comm), QBD

Leeds City Council v Barclays Bank plc [2021] EWHC 363 (Comm); [2021] QB 1027; [2021] 2 WLR 1180; [2022] 1 All ER (Comm) 569; [2021] WLR(D) 119, QBD

Libyan Investment Authority v King [2020] EWHC 440 (Ch), Ch D

Loreley Financing (Jersey) No 30 Ltd v Credit Suisse Securities (Europe) Ltd [2023] EWHC 2759 (Comm), KBD

Marme Inversiones 2007 SL v Natwest Markets PLC [2019] EWHC 366 (Comm), QBD

Morley (t/a Morley Estates) v Royal Bank of Scotland plc [2020] EWHC 88 (Ch), Ch D

Morley (t/a Morley Estates) v Royal Bank of Scotland plc [2021] EWCA Civ 338; [2022] 1 All ER (Comm) 703, CA

Natixis SA v Marex Financial [2019] EWHC 2549 (Comm); [2019] 2 Lloyd's Rep 431, QBD

Njord Partners SMA-Seal LP v Astir Maritime Ltd [2024] EWHC 1682 (Comm), KBD

Panasonic Europe BV v Core Communication Investments Ltd [2019] EWHC 2520 (Comm), QBD

Playboy Club London Ltd v Banca Nazionale del Lavoro SpA [2018] UKSC 43; [2018] 1 WLR 4041; [2019] 2 All ER 478; [2019] 1 All ER (Comm) 693; [2018] WLR (D) 530; Case details, SC(E)

Pleigo v Astor Asset Management 3 Ltd [2024] EWHC 2522 (Comm), KBD

R (T) v Financial Conduct Authority [2021] EWHC 396 (Admin); [2021] 1 WLR 3246; [2021] WLR(D) 116, QBD

SK Shipping Europe Ltd v Capital VLCC 3 Corpn (The C Challenger) [2022] EWCA Civ 231; [2022] 2 All ER (Comm) 784; [2022] 1 Lloyd's Rep 521, CA

Skatteforvaltningen v Solo Capital Partners LLP (Practice Note) [2020] EWHC 1624 (Comm); [2020] 4 WLR 98; [2020] WLR(D) 402, QBD

UBS AG v Rose Capital Ventures Ltd [2018] EWHC 3137 (Ch); [2019] 2 BCLC 47, Ch D

Vald Nielsen Holding A/S Newwatch Ltd v Baldorino [2019] EWHC 1926 (Comm), QBD

Ventra Investments Ltd v Bank of Scotland plc [2019] EWHC 2058 (Comm), QBD