Banking Litigation Notes

High Court considers doctrine of frustration in COVID-19 context and confirms there is no such thing as “temporary frustration”

High Court strikes out time-barred claims holding that banks did not deliberately conceal facts so as to extend the limitation period

Hong Kong court refuses to expand scope of Quincecare duty

High Court finds alleged frustration of contract due to COVID-19 pandemic is not sufficiently arguable to grant injunction restraining demand under letter of credit  

Court of Appeal rejects all claims relating to transfer of property portfolio to lender’s restructuring unit following borrower default

High Court confirms current scope of Quincecare duty is limited to protecting corporate customers and does not extend to individuals

Supreme Court hands down judgment in FCA’s Covid-19 Business Interruption Test Case

The Supreme Court has today handed down judgment in the Covid-19 Business Interruption insurance test case of The Financial Conduct Authority v Arch …

High Court considers entitlement of investment firm to terminate Bitcoin trading account due to alleged money laundering concerns

The High Court has found in favour of a claimant investor in a dispute arising from the termination of her Bitcoin trading account with an online trading …

High Court provides further insights on the risks of Quincecare claims against banks

High Court finds no breach of duty by bank in exercise of enforcement rights under finance agreements

The High Court has granted a claim brought by a bank against two companies (and the managing director of one of them) to recover outstanding sums due …

US Sanctions and the right of borrowers to withhold repayment: Commercial Court signals return to orthodoxy

Commercial Court considers impact of force majeure clause on repayment obligation in sale of goods contract

In a decision earlier this year, the Commercial Court considered the impact of a force majeure clause on a repayment obligation in a contract for the …