RBS Settles Property Developer's $856 Million Libor-Rigging Suit
- Stuart Wall said RBS mis-sold him interest-rate hedging tools
- Wall claimed the swaps contributed to collapse of his business
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Royal Bank of Scotland Group Plc settled a lawsuit filed by the owner of a bankrupt student- housing company that claimed the bank had sold him hedging products linked to Libor while at the same time trying to rig the interest-rate benchmark.
Stuart Wall, owner of Opal Property Group Ltd., alleged that RBS mis-sold the group an interest-rate swap, which contributed to the collapse of the business in 2013. While terms of the settlement weren’t disclosed, the four-year-old claim had been valued at as much as 669 million pounds ($856 million).