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RBS Swap Agreements – Good Faith and Fair Dealings not implied in an RBS Swap Agreement

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RBS Swap Agreements – Good Faith and Fair Dealings not implied in an RBS Swap Agreement

The High Court in a Judgment handed down on 21 December 2016* has found no need to imply terms into a SWAP Agreement to the effect that RBS owed a general duty of good faith, or to act fairly in its dealings, when entering into an Interest Rate Swap Agreement with a sophisticated commercial client who contracted on standard ISDA terms.

The Court would not imply duties of good faith into the SWAP Agreement recognising that there was no general implied duty of good faith in English Law. Furthermore, the Court recognised that to imply a duty would run contrary to the express terms of the SWAP Agreement.

If you wish to discuss how this decision may impact on your swap claim then please contact Richard Cooper of our offices on 0121 262 6432 or rcooper@egl-law.com

Emms Gilmore Liberson believe in “advice not options”, and its team members are consistently identified as experts in their fields in the Legal 500, a guide to leading lawyers. Emms Gilmore Liberson’s specialist teams include employment, property, company and commercial services, insolvency, property litigation, wills and probate and licensing and gambling law.

*Property Alliance Group Ltd v The Royal Bank of Scotland Plc [2016] EWCHC 3342

Richard Cooper

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