David Quest QC, instructed by Simmons and Simmons, led the counsel team acting for RBS (now Natwest Markets) in successfully resisting a claim to set aside €1.5bn of Euribor-linked interest rate swaps. The swaps were used in connection with the financing of Europe’s largest ever property deal: the sale in 2008 of Santander’s global headquarters to Marme, a corporate vehicle for two prominent UK/Irish property investors. Following the global financial crisis, Marme defaulted on the swaps, but argued that RBS’s involvement in Euribor manipulation (through one of its Euro derivative traders, Philippe Moryoussef) gave rise to fraudulent misrepresentations and constituted grounds for Marme to avoid liability. Picken J dismissed the claim, and also dismissed a €996m damages claim against RBS.
The judgment can be found here.