Banking Litigation Notes

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

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

Court of Appeal confirms funders’ adverse costs liability not limited to amount of funding provided: Arkin “cap” not a binding rule

Impact of Court of Appeal's privilege decision in Sports Direct v FRC for the financial services sector

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 …

ISDA to re-consult on pre-cessation fallbacks: litigation risk for legacy LIBOR contracts

The International Swaps and Derivatives Association (“ISDA”) announced yesterday that it will re-consult on how to implement pre-cessation fallbacks in …

LIBOR transition: litigation risk observations on suite of documents published by the regulators in January 2020

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 upholds strike out of claim based on allegation a financial institution breached fiduciary duties as a shadow director of its customer

In a recent decision the High Court has held that a financial institution which is alleged to have been a shadow director of its customer will not be …

High Court orders claimants to provide disclosure to prove investment decisions were made in reliance on defective publications in the Tesco section 90A FSMA group litigation

In the claims brought by shareholders of Tesco under section 90A Financial Services and Markets Act 2000 ("FSMA”) relating to false and …

Upcoming webinar – Class actions in England and Wales: Shareholder actions – The Lloyds/HBOS litigation

On Monday 9 December (1-2pm UK time), Harry Edwards, Ceri Morgan and Sarah Penfold will deliver a webinar for Herbert Smith …

The transition from LIBOR: FCA conduct risk warning and next steps

Over the past couple of weeks, the FCA has released two important communications in the context of the discontinuation of LIBOR, which is expected to …