Royal Bank of Scotland (RBS) has been accused by property tycoon, Stuart Wall, of misleading him and his company, Opal Property Group, into taking out an interest rate swap which forced his company into financial distress, then "bullying" him when he questioned RBS. Opal, which specialised in student accommodation, went bust due to the bank's actions; Wall is claiming damages of £400 m. The case was brought against RBS after it failed to disclose that a loan had been taken out, with no intention of repaying, for a house on London's South Bank.
Royal Bank of Scotland (RBS) has been accused by property tycoon, Stuart Wall, of misleading him and his company, Opal Property Group, into taking out an interest rate swap which forced his company into financial distress, then "bullying" him when he questioned RBS. Opal, which specialised in student accommodation, went bust due to the bank's actions; Wall is claiming damages of £400m. RBS denies any wrongdoing.