This Is Money By Alex Hawkes, Financial Mail on Sunday
A former property tycoon is suing the Royal Bank of Scotland over a £1.1 billion loan deal signed at the height of the financial crisis.
The case could open the floodgates to a deluge of other legal actions against the state-backed bank.
Glenn Maud, who bought Santander’s global headquarters in 2008, has launched his legal action in London’s High Court over a deal signed with RBS and other European banks to purchase the Spanish bank’s Ciudad Financiera complex in Madrid.
Maud’s Spanish property vehicle Marme Inversiones agreed a loan arrangement with fixed interest payments. But the deal used the Euribor – the interest rate at which banks lend to each other in euros – which Marme alleges was being manipulated by RBS.