Clifford Chance currently sits in a precarious position regarding a report it conducted into RBS’ global restructuring group. The bank this week failed in a High Court appeal to have it struck from its defence in a £30 million claim. The report itself absolved the bank of any substantial wrongdoing in relation to the group. Clifford Chance were originally instructed to investigate allegations made in the Tomlinson Report last autumn that the bank used property valuations to artificially downgrade viable businesses. No evidence of these methods were discovered by Clifford Chance at the time.
The report has recently re-entered the public domain following a High Court ruling going against the bank, to have the report removed from its defence in a £30 million Libor case brought by Cooke Young & Keidan on behalf of Property Alliance Group. It has since emerged that RBS have ordered Dentons, CMS, and PWC to conduct a second independent review of its Global Restructuring Group. This is the second major blow to RBS, who have been ordered by a High Court to turn over confidential reports regarding the alleged manipulation of Libor. The lawsuit is expected to reach trial in June 2016.