Royal Bank of Scotland

News & Analysis as of

Protecting privilege during Australian internal investigations: is lawyer work product at risk?

In the long running RBS Rights Issue litigation, the English High Court has recently ruled that notes of interviews of bank employees, prepared by the bank's in-house lawyers who conducted the interviews as part of an...more

UK Decision Highlights Potential Privilege Problems in Cross-Border Investigations

7 steps companies can take to maximize privilege protections under US and English law. Key Points: ..In a recent case, an English court stated that privilege did not apply to notes of employee interviews,...more

High court orders claimant to reveal funder’s identity to enable security for costs application

Wall v The Royal Bank of Scotland plc [2016] EWHC 2460 (Comm) (Wall) concerned the bank's application that the claimant reveal the name and address of any third party funder funding the litigation in circumstances where the...more

Judge rejects all claims in first LIBOR manipulation case to reach trial

On 21 December 2016 Mrs Justice Asplin handed down a keenly awaited judgment in the case of Property Alliance Group Limited v The Royal Bank of Scotland PLC [2016] EWHC 3342 (Ch) dismissing all of the claimant’s claims. The...more

Your Daily Dose of Financial News

The recent US rejection of the TPP will have wide-reaching effects in Asia. Among them is the strong likelihood of 80s-style trade warring between Japan and the US....more

What is worth remembering from the second half of 2016?

Court decisions/impacts - In the first half of 2016, there were a number of interesting judgments in relation to agreements concluded on standard terms which are likely to be of relevance to those using such documents in...more

High Court Rules That Witness Interview Notes Are Not Covered by Legal Advice Privilege

In December 2016, the English High Court ruled that transcripts, notes and other records of witness interviews prepared by in-house and external counsel in the course of an internal investigation were not covered by either...more

Claimant ordered to disclose identity of third party funder

Stuart Barrie Wall v The Royal Bank of Scotland plc [2016] EWHC 2460 (Comm), 7 October 2016 - The Commercial Court ordered a claimant to disclose the identity of a third party funding the litigation he had commenced...more

Your Daily Dose of Financial News

Federal regulators are on the verge of creating a brand new type of banking license specifically for fintech. Called “special purpose national bank charters,” the licenses are intended to enable fintech companies that accept...more

Your Daily Dose of Financial News

Bad news for RBS, which is tasked with scrounging up more capital after failing its Bank of England stress test—a bad sign for a British financial system still coping with Brexit fallout....more

Your Daily Dose of Financial News

The IRS isn’t waiting around for virtual currency to gain wider acceptance. No, it’s more than happy to go after Bitcoin users who have sought to use the virtual currency as a means of evading taxes....more

Your Daily Dose of Financial News

And we thought Brexit was something. Buckle up. It’s going to be a wild market ride... Whoa....more

Date of UK Stress Test Results Announced

The Bank of England announced that the results of the UK 2016 banking stress test would be reported to the relevant firms involved on November 29, 2016 and published on November 30, 2016...more

Orrick's Financial Industry Week in Review

SEC Adopts Rules for Enhanced Regulatory Framework for Securities Clearing Agencies - On September 28, 2016 the Securities and Exchange Commission ("SEC") voted to adopt new rules to establish "enhanced standards for the...more

Your daily dose of financial news - The Brief – 10.4.16

The Journal gives us a closer look at Italy’s Monte dei Paschi—the world’s oldest bank (founded in 1472)—that’s deeply tied to Siena and that’s threatening to drag the whole of the region’s economy down with it if it fails,...more

Your daily dose of financial news - The Brief – 9.6.16

Dealbook gives us the story of Airgas, where founder Peter McCausland’s reticence to sell (despite serious shareholder pressure) resulted in a $5 billion windfall rather than the all-too-often result of a later sale for...more

Bail-In and Contractual Recognition: The Impact on US and Other Non-EU Counterparties and the Potential Impact of Brexit

Following the 2008 banking crisis, governments around the world found themselves having to bail out large financial institutions by injecting capital to help those institutions continue to service their debts. In Europe, the...more

UK 2016 Banking Stress Test Launched

The Bank of England released details of the UK 2016 banking stress test, the first to be designed under the new approach to stress testing published in October 2015. The 2016 stress test will cover seven UK banks and building...more

Comparators in Age Discrimination

Donkor v Royal Bank of Scotland UKEAT/0162/15 considered the appropriate comparator in direct age discrimination cases. Mr Donkor’s employer, the Royal Bank of Scotland (RBS), underwent a restructuring in 2012. As part...more

"A Case Based On Hindsight" - Misselling Claim Rejected

The High Court in Thornbridge Ltd v Barclays Bank plc [2015] EWHC 3430 (QB), 27 November 2015 has rejected an interest rate swap misselling claim for losses allegedly arising as a result of the defendant bank having acted...more

Treasury announces RBS’s divestment of Williams & Glyn

Treasury has asked the CMA to suspend work on its advice on the implications for competition of the latest proposals for the divestment by the Royal Bank of Scotland (RBS) of Williams & Glyn as a new UK retail bank. ...more

Legal Advice Privilege In The Context Of A Regulatory Investigation

In this case report, we consider the decision of the High Court in Property Alliance Group Ltd v The Royal Bank of Scotland plc [2015] EWHC 3187 (Ch) (5 November 2015). In the latest in a series of procedural decisions in...more

FHFA’s $32 Billion RMBS Claims Are Not Time-Barred

On August 21, 2015, Judge Alvin Thompson of the United States District Court for the District of Connecticut denied Royal Bank of Scotland Group PLC’s (“RBS”) motion for summary judgment as to claims brought by the Federal...more

Orrick's Financial Industry Week in Review

5th Circuit Revives FDIC's Suit Against Goldman, Deutsche Bank, and Royal Bank of Scotland - On August 10, 2015, the Fifth Circuit revived a securities fraud suit brought by the Federal Deposit Insurance Corporation...more

5th Circuit Revives FDIC’s Suit Against Goldman, Deutsche Bank, and Royal Bank of Scotland

On August 10, 2015, the Fifth Circuit revived a securities fraud suit brought by the Federal Deposit Insurance Corporation (“FDIC”) as receiver for Guaranty Bank against Goldman Sachs & Co., Deutsche Bank AG, and the Royal...more

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Cybersecurity

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