046 – Case of note

RBS -v- Highland Financial Partners LP & Ors [2010] EWHC 3119 (Comm) – a significant judgment in a banking litigation case relating to a failed CDO issue which terminated in late 2008. The bank was subjected to judicial criticism for conducting a “sham” auction of leveraged loans and was found to have deceived its counterparty. Herbert Smith initially acted for RBS but were replaced by Linklaters in mid 2011.