Bank Of Scotland Settles Hotelier's Swap Misselling Suit
Law360, London (January 31, 2019, 8:33 PM GMT) -- The Bank of Scotland PLC has settled claims brought by an English hotel owner alleging the lender missold him interest-rate hedging products at the height of the financial crisis, according to the law firm representing the man.
A London Circuit Commercial Court judge dismissed Gurchan Atwal’s claim, as well as the bank’s counterclaim, “upon the parties agreeing terms.” Each party is responsible for their own costs in the litigation, according to the court's Monday order.
A spokesperson for BLM Law, which represented Atwal, confirmed Thursday that the matter settled out of court.
The deal was reached days after the hotel owner...
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