Cases & Deals

RBS successfully defends fraud claims brought by RZB Bank

Clients Royal Bank of Scotland Group plc, The

Jones Day assisted The Royal Bank of Scotland Group plc in defense of fraud claims involving complex issues of U.S. GAAP arising out of RBS' syndication of a large loan to Enron. The plaintiff, Raiffeisen Zentralbank Osterreich AG, an Austrian bank, contended that Enron's accounting for certain transactions was fraudulent and that RBS knew the accounting was wrong. The case was tried in February 2010 and a verdict in RBS' favor was entered June 2010.

Raiffeisen Zentralbank Osterreich AG v. The Royal Bank of Scotland Group plc (High Court of Justice, Queen's Bench Division, Commercial Court, United Kingdom)