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What were the key issues raised in Hockin and others v Royal Bank of Scotland and another, in which the Chancery Division heard an application to strike-out key parts of a claim relating to allegations of LIBOR manipulation and the mis-selling of swaps made against the Royal Bank of Scotland?
Hockin and others v Royal Bank of Scotland and another  EWHC 925 (Ch)
The claimants in this case were Mr and Mrs Hockin, who are in the process of bringing substantial claims alleging mis-selling of interest rate products and interest rate fixing against the Royal Bank of Scotland and National Westminster Bank (the Banks). The claimants were the ultimate owners of a company called London & West Country Estates (LWE), which is now in administration, and LWE's claims against the Banks were assigned to the claimants in March 2014 pursuant to a deed of assignment. LWE owned and managed a number of commercial business parks in Somerset and Devon. In 2008, it borrowed a £55m loan facility from the Banks, which it was required to repay over three years with interest referable to LIBOR (the 2008 Facility). It was a precondition of the 2008 Facility that the borrower hedge its interest exposure and as a result the parties also agreed a ten-year bank callable interest rate swap (the Swap). In or around October 2009, LWE was placed into the Bank’s global restructuring group (GRG). After a period, the 2008 Facility was assigned to a company referred to as Isobel, a joint venture owned by the Banks and the Blackstone private equity group, at a significant discount, despite what were alleged to have been substantial offers made by LWE to refinance the 2008 Facility. This was as part of the high-profile 'Project Isobel', a £1.36bn property loan portfolio sale which was completed in 2011. Isobel subsequently placed LWE into administration.
The case at
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