David Pope obtains summary judgment in interest-rate swap case

David Pope represented Barclays Bank Plc in its successful application for summary judgment in Marsden v Barclays Bank Plc [2016] EWHC 1601 (QB), an interest-rate swap mis-selling case.

The Claimant alleged that Barclays had mis-sold two interest-rate swaps totalling £2.25 million and had failed properly to review the sales within the review process established by agreement between Barclays and the Financial Conduct Authority. Barclays denied the claim and applied for summary judgment primarily on the basis that any arguable cause of action against it had been compromised by a settlement agreement.

Mr. Justice Phillips gave summary judgment in favour of Barclays and dismissed the claim. He held that the settlement agreement did cover all the Claimant’s arguable causes of action. The allegation that Barclays had not properly conducted the review was not arguable both because Barclays did not owe the duties the Claimant said it did and because Barclays would not have breached them in any event.

Mr. Justice Phillips proceeded to criticise the drafting of the Claimant’s statement of case, adding to a series of recent cases in which judges have taken objection to prolix court documents.

The decision in Marsden followed Marshall v Barclays Bank Plc [2015] EWHC 2000 (QB), another High Court interest-rate swap mis-selling case in which David also obtained summary judgment for Barclays.

David was instructed by Clare Stothard and Christopher Bromilow of Dentons UKMEA LLP.

The judgment is available to view here.

News 23 Sep, 2016