Banking Litigation Notes

FCA past business reviews: what duties, if any, do financial institutions owe directly to customers? High Court finds no contractual obligations, but tortious duties are arguable

The recent and somewhat surprising decision of the High Court in Suremime Limited v Barclays Bank plc [2015] EWHC 2277 (QB) is important …

Marshall v Barclays Bank plc: High court strikes out claim for mis-selling of an interest rate hedging product on the basis of a pre-existing settlement agreement

Gary Ronald Marshall v Barclays Bank plc [2015] EWHC 2000 (QB) concerns an application by Barclays Bank plc ("Barclays") to strike out or obtain …

Banking Litigation Update

Herbert Smith Freehills LLP contributes chapters to the recently published first edition of the Securities Litigation Review

The Securities Litigation Review is described in the Editor's Preface as a "guided introduction to the international varieties of enforcing rights …

Broker breached fiduciary duty by not disclosing sum of commission received

The Court of Appeal has held that a credit broker was in a fiduciary relationship with borrowers, with the consequence that the broker breached its …

Bank exercising a right of forced sale did not have a duty to obtain the best price reasonably obtainable

(1) Rosserlane Consultants Ltd, (2) Swinbrook Developments Ltd v Credit Suisse International [2015] EWHC 384 (Ch) The High Court has found that a Bank …

Drafting contracts: key lessons from 2014

In this briefing we look at the lessons to be learnt from some of the key English contract law cases of 2014. We have given a brief summary of each …

Banking Litigation Update

Contractual interpretation: Court of Appeal disagrees with High Court on whether a clause is ambiguous

In the latest in a growing line of contractual interpretation disputes arising from complex financial instruments, the Court of Appeal has overturned a …

Conflicts of interest and sufficiency of "ethical screens" (information barriers)

A recent decision of the Commercial Court has reinforced the high threshold professional firms must meet to persuade a court as to the adequacy of …

Supreme Court corrects "wrong turn" in English Law, holding that bribes received by an agent are held on trust for the principal

Who is the rightful owner of a bribe? Is a bribe or secret commission received by an agent “held on trust” for his principal? Or is the principal’s claim …

Liability of credit rating agencies confirmed by Australian Appeal Court

The Full Federal Court in Australia has confirmed that, as a matter of Australian common law, a rating agency owes a duty of care to investors in a rated …