Banking Litigation Notes

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 …

High Court finds bank unreasonably withheld consent to sale of secured property where sale would not have satisfied the secured liability in full

Court of Appeal confirms wide discretion afforded to a non-Defaulting Party when determining "fair market value" of securities under the GMRA (2000 version)

The recent Court of Appeal decision in LBI EHF v Raiffeisen Bank International AG [2018] EWCA Civ 719 affirms the wide discretion of the …

Banking Litigation Update

Action for declaration that bank failed to conduct past business review properly is not arguable

In the context of interest rate hedging product (“IHRP”) mis-selling litigation, the High Court has rejected an application for permission to amend …

High Court clarifies calculation of Close-out amount under 2002 ISDA Master Agreement

Lehman Brothers Special Financing Inc. v National Power Corporation & Anor [2018] EWHC 487 (Comm) is a significant case on the calculation of …

High Court dismisses summary judgment application in credit card portfolio transfer case

In CCUK Finance Ltd & Anor v Barclays Bank plc [2018] EWHC 304 (Comm), the High Court has rejected the claimants’ application for summary …

Court of Appeal rejects bank's attempt to defeat 'Quincecare' claim with illegality defence

In Singularis Holdings Ltd v Daiwa Capital Markets Europe Ltd [2018] EWCA Civ 84, the Court of Appeal found that the defence of illegality was …

PAG v RBS: Court of Appeal dismisses IRHP mis-selling and LIBOR manipulation claim

The Court of Appeal has dismissed the entirety of the long-awaited appeal in Property Alliance Group v The Royal Bank of Scotland [2018] EWCA …

High Court rejects another interest rate hedging product mis-selling claim: key points of general application

Court of Appeal finds no contractual duty to prevent counterparty from inflicting economic harm on itself

A recent Court of Appeal decision has found that a broker owed no contractual duty to prevent a "sophisticated and experienced" trader (trading as a …

High Court decision supports orthodox view of litigation privilege

The High Court has found that documents prepared by the defendant in the course of an investigation into allegations by HMRC were protected by litigation …