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Interest Rate Swap Misselling

Leave to appeal was recently granted in the Court of Appeal by Lord Justice Kitchin in an important ruling on the arguability of ‘Private Person’ rights of action under the Financial Services and Markets Act 2000 and contractual incorporation of COBS rules, in MTR Bailey Trading Limited v Barclays Bank PLC.

Leave was also granted on grounds relating to the ‘client’s best interest’ rule and the correct interpretation of novation transactions which utilise ISDA documentation.

The substantive appeal is yet to be listed. However, the appeal will help to settle the issue of whether limited companies may bring claims based upon breach of conduct of business rules.

David Berkley QC and Steven McGarry represented the appellant in the CA before LJ Kitchin.

Download the judgment: CA – MTR Bailey – permission