Banking Litigation Notes

Obtaining evidence from US-connected entities - US court decision widens the scope

The US Court of Appeals for the Second Circuit has handed down a decision that potentially increases the scope for parties in non-US legal proceedings to …

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 endorses use of CPR Part 86 interpleader application by financial services firm seeking court guidance

The High Court has endorsed the use of an interpleader application pursuant to CPR Part 86 by a financial services firm seeking guidance from the court …

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

What securities litigators need to know about the new Prospectus Regulation

The new EU Prospectus Regulation (EU/2017/1129) (the “PR”) entered into full force and effect on 21 July 2019 across EU Member States. It replaces, in …

Herbert Smith Freehills contributes chapter to The Securities Litigation Review (5th Edition)

Herbert Smith Freehills have contributed the England and Wales chapter of The Securities Litigation Review. Now in its fifth edition, The Securities …

Commercial Court adopts broad interpretation of investment bank fee clause in equity and debt finance raising

Applying a commercial approach to the fees payable under an engagement agreement, the Commercial Court recently decided in favour of the claimant …

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 …

LIBOR discontinuation – FCA thematic feedback on responses to Dear CEO letter

The FCA and PRA yesterday published a joint statement setting out their key observations from the responses of major banks and insurers in the …