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Lloyds Unit Wins Bid To Strike Advisory Failure Claim In Suit

Law360, London (December 20, 2018, 8:25 PM GMT) -- A U.K. judge on Thursday narrowed an interest rate swaps misselling claim brought against a unit of Lloyds Banking Group PLC by two property investment and development firms, after the bank argued that the allegations were made too late.

Judge Robin Knowles granted summary judgment in favor of Lloyds unit the Bank of Scotland PLC, ruling that Munroe K Ltd. and Munroe K Luxembourg SA cannot allege in their wider suit that the bank failed in its “advisory duty” to inform them of a calculation it made before selling them three swaps between 2006 and 2008.

The calculation was of the...

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