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RBS Wins Dismissal Of Swaps Suit Linked To Euribor Rigging

Law360, London (February 25, 2019, 7:53 PM GMT) -- A London judge on Monday threw out a property investor's bid to escape Euribor-linked derivatives inked with RBS in light of the rate-rigging scandal, concluding that the lender did not act dishonestly when it sold the swaps to cover a €1.57 billion ($1.8 billion) loan.

High Court Judge Simon Picken said that Marme Inversiones 2007 SL's action against Royal Bank of Scotland PLC "must fail" because the Spanish investment vehicle could not prove that the bank had knowingly made false representations when selling it several swaps in 2008 referenced to Euribor, the Euro Interbank Offered Rate. He also said that Marme...

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