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Property Developer Narrows Swap Misselling Suit Against RBS

Law360, London (December 13, 2018, 4:56 PM GMT) -- A health care property developer has dropped a claim against Royal Bank of Scotland PLC related to the Financial Conduct Authority’s interest rate hedging product redress scheme, as part of a wider suit seeking damages for the alleged misselling of swaps.

Prospect Medical, which owns a building leased to two surgeries and a pharmacy, is still pursuing other claims against RBS for breach of contract, misrepresentation and unconscionable conduct, according to new documents filed with the High Court on Dec. 6.

But it has removed from the suit allegations that the bank failed to comply with the terms of the FCA-mandated...

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