Claims for misrepresentation In Raiffeisen Zentralbank Osterreich AG v. Royal Bank of Scotland plc1 Christopher Clarke J provided a review of the law relating to misrepresentation. The facts concerned a sell-down by an arranging bank to a syndicate of a debt facility that it had put in place to assist in an accounting exercise by the ill-fated Enron group of companies. The claimant was a member of the syndicate which had purchased part of the debt from the defendant arranger. It claimed that it had been induced to join the syndicate and purchase its participation by misrepresentations which had impliedly been made by the arranger as to the arranger’s own residual position in an equity subscription it had made in one of the Enron vehicles, as well as concerning the validity and effect of the accounting exercise that had been undertaken by the Enron group. The judge held that the claimant had failed in establishing its case.
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