Jurisdiction(s):
United Kingdom

Commercial Court (England and Wales) dismisses Marme Euribor‑rigging misrepresentation claims; upholds 2014 swap terminations and liabilities; indemnity costs to NatWest Markets and other lenders

Published on: 26 February 2019

Published by a Law360 reporter

Legal News

Article summary

High Court judge Simon Picken concluded that Marme Inversiones 2007 SL’s claim against RBS could not succeed, as the Spanish investment vehicle failed to establish that the bank knowingly made false statements when selling it a number of Euribor-linked swaps in 2008. He further held that Marme would not, in any event, have relied on any such statements to enter the trades, since it was unaware of them at the time. In a 230-page judgment favouring the bank, now operating as NatWest Markets PLC, Judge Picken found that RBS neither engaged in, nor intended or attempted to engage in, manipulation of Euribor. Marme, the Spanish vehicle used by property magnate Glenn Maud to undertake a €1.575bn loan with a syndicate of European lenders led by RBS, had contended at trial that the swaps ought to be unwound due to the bank’s connections to the Euribor manipulation scandal, and sought €996m in damages. However, Judge Picken determined that the alleged representations underpinning Marme’s case were not apparent but instead artificial, and therefore could not be relied upon by Marme to imply any clear as framed by the claimant, rendering rescission and damages wholly unsustainable on the evidence and law in full...

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