RBS Settles Cleaning Business Owner's Swap Misselling Suit

Law360, London (March 13, 2020, 7:23 PM GMT) -- Royal Bank of Scotland PLC and the owner of a cleaning company have ended a dispute over whether the lender improperly sold an interest rate swap that saddled him with high fees.

Judge Mark Pelling stayed the dispute brought by Guy Morgan against the investment banking division of RBS, after they agreed to confidential terms, according to an order dated March 5. The bank and Morgan can apply to enforce the terms of the agreement without launching a new case, Judge Pelling said.

At the heart of the dispute is an “interest rate hedging product” that Morgan argues he was missold...

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