Reach for the StaRs!
The long awaited Court of Appeal judgment was handed down in the test case of PAG v RBS in early March. We have previously commented on this extensive litigation and a link to our detailed blog following the High Court judgment can be found here.
In the aftermath of the credit crunch, many commentators speculated as to whether any banks or credit agencies could be held responsible for the nosedive in the economy. Some sought to argue that traders who sold mortgaged-backed securities, a type of collateralised debt obligation, to investors could be held liable in civil law through the tort of deceit or fraudulent misrepresentation, and, in turn, the banks could be held vicariously liable.
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