RBS fail in an attempt to distance themselves from Clifford Chance review

Meet the team:

Share this post: linkedin Twitter facebookshare Email
Posted in:Banking and Finance|September 30, 2015 | Join the mailing list

In our 2015 Banking Report: Lifting the lid off lending, we discussed how RBS had appointed one of its panel solicitors, Clifford Chance, to complete a ‘thorough and independent review’
of whether the bank’s GRG Division was guilty of setting out to defraud customers.  The review, published in April 2014, found that there was no evidence to suggest that RBS or its GRG Division had done so. This was in stark contrast to allegations made in
the Tomlinson report, by many clients of berg who had first-hand experience of both RBS and the GRG Division, and by RBS, who has since had to admit that the GRG Division is a profit centre. Clifford Chance’s report is continuing to be scrutinised as to its
independence.

As reported in the Lawyer on 28 September 2015, the Clifford Chance report finds itself in the spotlight again after RBS looked to distance themselves from it by applying to the High Court to have references to the report removed from their Defence
in a claim brought by Property Alliance Group. Dentons act as the bank’s solicitors in this case. This comes after it was revealed that Dentons, CMS Cameron McKenna and PWC had been appointed to complete a further independent review of the bank’s GRG Division.
This suggests a shift in RBS’s reliance on the Clifford Chance report whilst they gear up to release a new report or response to the s.166 Investigation by the FCA.

 Source: The Lawyer article:
http://www.thelawyer.com/news/practice-areas/litigation-news/high-court-rejects-rbs-bid-to-wipe-clifford-chance-probe-from-30m-libor-defence/3039192.article?cmpid=dnews_1613920

For information in relation to berg’s investigation of clients’ experience in GRG, please see our
Banking Report 2015 which can be downloaded here.
 

If there are any issues in this update or more generally that you would like to discuss, please contact one of our Banking and Financial Regulatory team on 0161 829 2599.

(The information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by berg or any of its partners or employees. Professional legal advice
should be obtained before taking, or refraining from taking, any action as a result of this article.)

Join our mailing list

More from berg

Testimonial

 

berg were great. Didn't rush in where others would have. Considered every angle first, explained the options clearly, focused like a laser on the solution and got the result I wanted.

Corporate and Litigation client, anonymous