Bloomberg News

RBS Pays $37 Million to Settle Rate-Swap Case, Telegraph Reports

July 29, 2012

Royal Bank of Scotland Group Plc paid 30 million euros ($37 million) to a businessman to settle claims it improperly sold him an interest-rate swap, the Sunday Telegraph reported, without saying where it got the information.

The deal resolved a lawsuit between RBS’s Ulster Bank in Ireland and Dublin-based customer David Agar, the newspaper reported.

In his lawsuit, Agar alleged RBS’s London-based investment banking unit improperly sold him 87 million euros of interest- rate hedging products linked to a 47-million euro property loan, according to Sunday Telegraph.

RBS spokeswoman Nicky Harris didn’t immediately respond to a voicemail left on her office phone today, outside of regular business hours.

To contact the reporter on this story: Erik Larson in London at elarson4@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net


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