Developer's Suit Over Lloyds Interest Rate Hedge Tossed

Law360, London (July 3, 2020, 5:42 PM BST) -- A judge in London has scrapped a property investor's suit against Lloyds Banking Group over its conduct during a review of interest rate hedging products that he bought in the mid-2000s, ruling on Friday that he had not taken the necessary steps for bringing his claim.

Sarah Worthington QC, sitting as a deputy judge at the High Court, has ruled that Clive Davis, a property investor, did not make a complaint about the swaps under the Financial Conduct Authority's dispute resolution rules, known as DISP, and cannot sue the bank for breach of statutory duty.

Judge Worthington said that Davis "failed...

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