052 – Case of note
RBS v Highland Financial Partners LP & Ors  and : A widely reported banking litigation case relating to a €500 million CDO issue of securities and the subsequent liquidation/valuation of the portfolio following the Autumn 2008 financial crash. The bank was subjected to strong judicial criticism for conducting a “sham” auction of leveraged loans and was found to have lied to and deceived its counterparty. On the back of the 2010 Judgment, in early 2011 Highland commenced proceedings in Texas against RBS for, inter alia, fraud, seeking damages of at least $100 million. This step prompted RBS to seek and obtain an interim anti suit injunction from the English Commercial Court which was rejected as a result of Highland’s successful arguments.