Property Alliance Group (PAG) v Royal Bank of Scotland (RBS) [2016] EWHC 3311 (Ch)

On 21 December 2016 Asplin J handed down judgment in PAG’s claim against RBS relating (among other things) to the alleged ‘rigging’ of LIBOR benchmark rates and the conduct of RBS’s Global Restructuring Group.

Adam Cloherty acted as lead junior for PAG (instructed by Bird & Bird LLP). It was featured in The Lawyer’s top 20 cases of the year, and was described by Sir Terence Etherton C as involving “important issues of general market significance”. ([2016] 1 WLR 2783 at [43]), PAG v RBS is the first LIBOR claim to reach trial and judgment.  The judgment dismissing the claims follows the conclusion of a long trial in October 2016.