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Santander Landlord Seeks Delay in RBS Interest-Rate Swaps Suit

  • Marme Inversiones owes about 700 million euros, banks say
  • Property owner says benchmark rigging means swaps are invalid

The owner of Banco Santander SA’s Madrid headquarters asked a London judge to delay a dispute with Royal Bank of Scotland Group Plc and other lenders who are seeking about 700 million euros ($798 million) from interest-rate swaps linked to the 1.9 billion-euro acquisition of the Ciudad Financiera complex.

Marme Inversiones’ lawyer Richard Hill asked the judge to stay the case amid insolvency proceedings taking place in Madrid. The firm, owned by property investors Glenn Maud and Derek Quinlan, argues it shouldn’t have to make payments under swap contracts because the deals were linked to Euribor, a benchmark rate that it says RBS was trying to manipulate.