Banking Litigation Notes

FSB Report: Supervisory issues associated with benchmark transition: major LIBOR transition risks

Court of Appeal confirms borrower’s right to withhold payment under English law Tier 2 Capital facility agreement where risk of US secondary sanctions

High Court takes robust approach to personal guarantees: potential impact for accredited lenders under the Coronavirus Business Interruption Loan Schemes

The High Court has held that personal guarantees signed by the chairman and sole shareholder of a borrower company were enforceable, dismissing arguments …

BoE confirms daily publication of SONIA compounded index from August 2020: impact on new vs legacy cash products

The latest development in the Bank of England's (BoE) attempts to support the adoption of SONIA in cash products - and to speed up the transition away …

Proposed insolvency reforms: impact on secured and unsecured bank debt

The new Corporate Insolvency and Governance Bill, currently expected to be enacted in mid-June 2020, is likely significantly to impact secured …

LIBOR transition: The risks of interim milestone delay for the cash market due to COVID-19

The Bank of England's attempts to "turbo-charge" LIBOR transition in the cash markets: will these increase or decrease the litigation risks?

High Court strikes out claim against banks in their capacity as lenders to investors of a tax deferral scheme

The High Court has struck out claims brought by former investors in the Ingenious Media tax deferral schemes against lending banks who advanced sums to …

High Court finds terms of English law Facility Agreement allowed borrower to withhold interest payments given risk of US "secondary" sanctions

In a recent decision, the High Court has found that the terms of a Facility Agreement governed by English law allowed the borrower to withhold payment of …

High Court confirms LMA anti set-off clause applies to equitable set-off

On a recent summary judgment application, the High Court has given effect to an anti set-off clause on standard Loan Market Association ("LMA") terms to …

Court of Appeal gives guidance on anti-set off provisions in security documentation

High Court rejects unfair relationship claim concerning allegations of breach of an advisory duty, misrepresentation and efficacy of basis clauses

Carney & Ors v NM Rothschild & Sons Limited [2018] EWHC 958 (Comm) is a recent case where the High Court rejected claims of an unfair …