28 02 2016

R ex p Holmcroft Properties Limited v KPMG & others

Linklaters advises Barclays on interest rate hedging redress scheme


The High Court has today published its decision in a judicial review application on an interest rate hedging redress scheme (R ex p Holmcroft Properties Limited v KPMG & others).  This is a key judgment that has been watched with keen interest by banks, interest rate hedging counterparties, regulators and professional service firms alike. Linklaters LLP acted for Barclays Bank LLP, second interested party. The High Court dismissed Holmcroft’s application, which sought to challenge KPMG’s actions in approving a redress offer Barclays made to Holmcroft in a redress scheme relating to past sales of interest rate hedging products (“IRHPs”). The Court found that KPMG’s actions “did not have a sufficient public law flavour” so as to be amenable to judicial review and that, in any event, there was no unfairness by Barclays in the procedure adopted. The Linklaters team was led by Dispute Resolution partners, Alison Wilson and Patrick Robinson and associates, James Hennah and Fiona Campbell. Involved fees earner: Alison Wilson - Linklaters; Patrick Robinson - Linklaters; James Hennah - Linklaters; Fiona Campbell - Linklaters;

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