56 results
9 Apr 2020 14:25
Vicarious Liability – the move is overOn 1 April 2020, the Supreme Court handed down judgment in two conjoined Vicarious Liability cases: WM Morrisons Supermarkets plc v Various Claimants [2020] UKSC 12 and Barclays Bank plc v Various Claimants [2020] UKSC 13. In this article, Michael Patrick reviews those judgments and considers their more...
9 Mar 2020 13:47
Raiffeisen Bank International AG -v- Asia Coal Energy Ventures Ltd (1) Ashurst LLP (2)Does legal professional privilege extend to documents continuing or evidencing instructions communicated by a solicitor? Thomas Crockett sets out some clarity from the Court of Appeal in Raiffeisen Bank International AG -v- Asia Coal Energy Ventures Ltd (1) Ashurst LLP (2). Click here to read the more...
25 Sep 2019 13:58
European General Court upholds Commission’s finding that HSBC violated competition law – Commission represented by Ben LaskOn a day of important judgements, the EU General Court delivered another one in the first of three appeals concerning the manipulation of the “Euribor” inter-bank lending rate. Back in 2007, HSBC had colluded with a number of other banks to fix the Euribor – a benchmark rate on which the prices of more...
2 Sep 2019 14:48
Louis Browne QC and Ian Whitehurst instructed in multi-million dollar cryptocurrency litigationLouis Browne QC and Ian Whitehurst from Exchange Chambers have been instructed by Hayes Connor Solicitors to represent a number of claimants who lost millions of dollars in a cryptocurrency theft. Louis and Ian are acting on behalf of the investors who wish to recover their investment and are more...
22 Jul 2019 14:00
George Peretz QC and Alan Bates represent HMRC in defeat of State Aid claim by Credit SuisseIn a judgment released earlier today, the High Court dismissed Credit Suisse’s claim that the UK infringed EU State aid rules when it implemented Bank Payroll Tax (the “bankers’ bonus tax”) in 2009-2010. Bank Payroll Tax was a tax paid by banks on non-contractual bonuses paid to their employees more...
17 Jul 2019 15:25
Not so common common law“The current system of awarding interest is muddled and out-of-date. It is difficult to justify to litigants, and gives the impression that the legal system is living in the past.” So wrote the Law Commission in 2004 (Law Com no. 287 at paragraph 1.15). The decision of the Court of Appeal in Al more...
4 Jul 2019 10:37
FCA v Abdel-Malek & ChoucairOn Thursday 27th June, former UBS compliance officer, Fabiana Abdel-Malek, and trader Walid Choucair, were both sentenced to three years for insider trading after a trial lasting eight weeks. Tom Broomfield was junior counsel for the FCA, and was led by Sarah Clarke QC and John McGuinness QC. This more...
4 Jul 2019 09:59
Capital Markets Update – July 2019Welcome to the current edition of Capital Markets Update, the monthly briefing from the Corporate Group at Walker Morris rounding up the previous month’s regulatory developments within the equity capital markets and looking ahead to future developments. June’s news FCA issues fine for breaches of more...
4 Jul 2019 09:57
FCA launches credit information market studyThe Financial Conduct Authority (FCA) has launched its keenly anticipated review of the credit information market, as Walker Morris consumer finance expert Jeanette Burgess explains. On 27 June 2019, the FCA published the terms of reference of its Credit Information Market Study, following more...
1 Jul 2019 10:49
Babcock Marine (Clyde) Ltd v HS Barrier Coatings Ltd [2019] EWHC 1659 (TCC)Jennifer Jones acted successfully on behalf of the Defendant HS Barrier Coatings Limited (“HSBC”) in an application under CPR Part 11, contesting the Court’s jurisdiction in the matter of Babcock Marine (Clyde) Ltd v HS Barrier Coatings Ltd [2019] EWHC 1659 (TCC), and considering the proper meaning more...
15 May 2019 13:06
Insolvency: Post Petition Dispositions of PropertySection 284 of the Insolvency Act 1986 acts to make void any disposition of property made by a bankrupt during the period beginning with the day of presentation of the bankruptcy petition and ending with the vesting of the estate in the trustee in bankruptcy. Section 127 of the Insolvency Act 1986 more...
17 Apr 2019 12:56
Merricks v Mastercard: Collective proceedings in competition law revitalised by Court of AppealOn 16 April 2019, the Court of Appeal allowed Mr Merrick’s appeal from the Competition Appeal Tribunal’s (“CAT”) refusal to grant a collective proceedings order (“CPO”). The CAT’s order is, accordingly, set aside and the application for certification is remitted to the CAT for a re-hearing. Paul more...
16 Apr 2019 10:39
Customer fraud and financial institutions’ liability: An update on Chudley v Clydesdale BankWalker Morris has previously reported on the 2017 case in which the High Court rejected attempts by investors to recover investment losses from a bank following customer fraud. A recent appeal by the investors has overturned that ruling. Walker Morris’ Head of Banking & Finance Litigation provides more...
16 Apr 2019 10:12
Offshore finance: UK government halts push for greater transparencyIn March 2019, the UK Parliament was due to debate a Bill requiring the UK’s crown dependencies – Jersey, Guernsey and the Isle of Man – to introduce public registers to bring about greater transparency in the hope this would prevent illicit financial flows. The registers in these major offshore more...
9 Apr 2019 23:11
Andrew Left v Securities & Futures Commission & Market Misconduct Tribunal (Hong Kong) - A Tale of Expansive Interpretation & Criminal Law in Financial MarketsAndrew Left v Securities & Futures Commission & Market Misconduct Tribunal (Hong Kong) - A Tale of Expansive Interpretation & Criminal Law in Financial Market Misconduct Summary In Andrew Left v Securities & Futures Commission & Market Misconduct Tribunal [2019] HKCA 224[2], the Hong Kong Court of more...
8 Apr 2019 11:13
Revisiting Goldman Sachs v Banco Novo [2018] UKSC 34Winterbrook Global Opportunities Fund v NB Finance Ltd & Ors [2019] EWHC 737 (Ch) 01 April 2019 The High Court revisits the 2018 Supreme Court decision to determine to whom a default on a loan should be attributed: the original but now-failing debtor bank, or the institution to whom the more...
Unfair Relationships in banking and credit agreements
On 6th April 2007, the Consumer Credit Act 1974 (“CCA”) introduced the concept of an “unfair relationship” in respect of banking and credit agreements. The unfair relationship concept replaced the former extortionate credit bargain test found in sections 137 to 140 of the CCA which was repealed by more...
25 Mar 2019 13:06
The “Same or Substantially the Same Facts” under CPR r 17.4(2)Samba Financial Group v Byers & Anor [2019] EWCA Civ 416 How deep is the “pool of facts in which it is permissible to fish for the basis of the new cause of action” if a party wishes to benefit from the ‘relation back’ doctrine when calculating limitation periods? The Court of Appeal gives more...
20 Mar 2019 10:41
Unfair relationships: The latest for lendersJanuary 2019 saw two key cases concerning ‘unfair relationships’ between lenders and borrowers. Banking & Finance Litigation specialist Christina Gill looks at Pontearso v Greenlands Trading [1] and Pilgrim Rock v Iwaniuk [2] and explains the latest key takeaways for lenders. What is an ‘unfair more...
14 Mar 2019 13:52
Commercial update - Rebecca Farrell: Substituted service of bankruptcy petitionsThe High Court has ruled that permission to serve a bankruptcy petition by a substituted means cannot be given retrospectively. Rebecca Farrell analyses the decision Ardawa v. Uppal and Jordan [2019] EWHC 456 (Ch) and considers how it changes the law. Click here to read Rebecca's analysis. more...
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