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Owner of Santander Headquarters failed in claim for rescission of swaps

In its recent decision on the long-running, complex case of Marme Inversiones 2007 SL vs NatWest Markets & Others [2019] EWHC 366 (Comm) the High Court dismissed misrepresentation claims made by Marme against five defendant banks, including NatWest Markets plc (then known as RBS plc “RBS NatWest”), regarding the EURIBOR benchmark.

This case is the latest in a line of cases where parties have sought to rescind onerous derivative transactions under which they owe large close-out amounts (in this case approximately €710 million plus interest) on the basis of misrepresentations made by their bank counterparty arising from benchmark manipulation. The claimant failed on all counts and, amongst other things, was refused the right to rescind the swaps.