Banking Litigation Notes

High Court holds ISDA jurisdiction clause trumps competing jurisdiction clause in separate but related agreement

The decision of the High Court in BNP Paribas SA v Trattamento Rifiuti Metropolitani SPA [2018] EWHC 1670 (Comm) confirms that an express …

High Court rejects the first IRHP mis-selling claim brought by private persons under Section 138D FSMA

The High Court has rejected the first interest rate hedging product ("IRHP") mis-selling claim brought by private persons under section 138D of the …

Action for declaration that bank failed to conduct past business review properly is not arguable

In the context of interest rate hedging product (“IHRP”) mis-selling litigation, the High Court has rejected an application for permission to amend …

High Court clarifies calculation of Close-out amount under 2002 ISDA Master Agreement

Lehman Brothers Special Financing Inc. v National Power Corporation & Anor [2018] EWHC 487 (Comm) is a significant case on the calculation of …

PAG v RBS: Court of Appeal dismisses IRHP mis-selling and LIBOR manipulation claim

The Court of Appeal has dismissed the entirety of the long-awaited appeal in Property Alliance Group v The Royal Bank of Scotland [2018] EWCA …

High Court rejects another interest rate hedging product mis-selling claim: key points of general application

Latest IRHP "Mis-selling judgment confirms no "mezzanine" duty of care owed by banks

New guidance from the High Court of Section 6(a) of the ISDA Master Agreement (right to terminate following Event of Default)

The High Court has recently considered the interpretation of Section 6(a) of the 1992 ISDA Master Agreement: Grant & Ors v WDW 3 Investments Ltd …

High Court rejects application to include conspiracy allegations in IRHP misselling claim and gives guidance on meaning of "exceptional circumstances" in past business review undertakings given to the FCA

The latest in the line of recent judgments concerning interest rate hedging product ("IRHP") misselling allegations concerns an application by the …

Court of Appeal confirms no tortious duty of care owed to customers in connection with the FCA past business review

Over the past two years, the courts have grappled with the novel claimant argument that financial institutions owe duties of care in tort …

High Court strikes out claims relating to the mis-selling of interest rate hedging products

In a recent decision, Elite Property Holdings Ltd & Anor v. Barclays Bank plc [2016] EWHC 3294 (QB), the High Court struck out the majority …

WW Property Investments Limited v National Westminster Bank Plc: Court of Appeal refuses permission for addition of claims regarding LIBOR manipulation

The case concerned an application by the claimant for permission to appeal a decision of the High Court to strike out the entirety of the claim …