A crown of thorns: misselling claim against bank fails
1 December 2015
Misselling claims against banks have a poor record in the English courts. A few claimants have won, but most cases that have gone to trial in the last few years have proved unsuccessful. A recent case has added to this record of failure. The judge recognised that a bank selling interest rate swaps does not accept the responsibilities of an adviser just because it provides information about a swap and views on likely interest rate movements. Further, the documentation for the swap was sufficient to prevent any liability arising.