Interest Rate Swap Cases – The Phoney War Days.
22nd Apr 2013
The blog and twittersphere have gone very quiet. The banks and the FSA have stopped promulgating. Solicitors for the victims are preparing their strategy. After many months of intense activity (much of it speculative) and lots of talk, things have gone strangely quiet on the Interest Rate Swap front.
We have entered a period of phoney war which I think will be broken by a rush of litigation when the realisation finally dawns on victims, their advisors and the FSA/FCA, that the banks apparent “mea culpa” of ten months ago was a prelude, not to compensating victims for their appalling behavior, but a successful attempt to head off a number of claims, delay matters to their advantage and to rub salt into the wounds in the process.
The banks are in no rush whatsoever to get cases into the redress scheme. They are being most unreasonable on timescales. It would be easy to believe that they couldn’t care less about getting “fair and reasonable redresss” to the victims. They appear to want everyone to judge them by their words and not their actions. It’s starting to look like the banks were disingenuous at best when they suggested that there was a viable alternative to litigation.
I think the time has come to end the phoney war and get the cases issued and served.
Let the real war begin.