Banking Litigation Notes

Court of Appeal upholds High Court contractual construction of CLO transaction

Commercial Court dismisses challenge to exercise of options in swap confirmations incorporating 2000 ISDA Definitions

High Court finds no implied contractual duties in connection with past business review

Is coronavirus likely to be a valid basis for avoiding contractual obligations?

High Court upholds financial institution restructuring unit’s exercise of its powers under facility agreement following borrower default, finding there was no "relational contract" and rejecting claims for intimidation and economic duress

The High Court has dismissed the most recent claim to reach trial arising from the actions taken by a lending bank’s restructuring unit following a …

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 …

Supreme Court upholds first successful claim for breach of the so-called "Quincecare" duty of care

COURT OF APPEAL JUDGMENT ON SCOPE AND EXCLUSION OF 'QUINCECARE' DUTY OF CARE

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 finds in favour of Lehman administrator in respect of US $7 million trade error and implies term into otherwise "unworkable" debt security trade agreement

A recent High Court decision has found that it was necessary to imply a term into an otherwise unworkable debt security trade agreement: Lehman Brothers …

Court of Appeal clarifies test for rectifying terms of written contract for common mistake

Commercial Court considers contractual discretion of bank to close customer account without notice where there is suspicion of money laundering