Banking Litigation Notes

High Court refuses to strike out claim for negligent sale of interest rate hedging product on basis of limitation defence

The High Court has refused to grant an application to strike out a claim relating to the alleged negligent sale of an interest rate hedging product. The …

Supreme Court refuses permission to appeal in two mis-selling claims

The Supreme Court has refused permission to appeal from two recent Court of Appeal judgments involving high-profile mis-selling claims against …

"Topping up" of Ombudsman awards through the courts not allowed: Court of Appeal overturns High Court decision

The Court of Appeal has handed down an important judgment holding that complainants who had accepted a Financial Ombudsman Service ("FOS") determination …

Drafting contracts – key lessons learned from 2013

Our corporate team's annual contract law update considers a number of interesting contract law …

Banking Litigation Update

Court of Appeal allows LIBOR claims to proceed

The Court of Appeal has allowed parties to two claims against LIBOR panel banks to amend their pleadings to include allegations that the banks made …

Appeal relating to alleged mis-selling of interest rate swaps dismissed: Green and Rowley v RBS

Green & Rowley v Royal Bank of Scotland plc [2013] EWCA Civ 1197 The Court of Appeal has handed down its decision …

A new statutory cause of action against credit rating agencies – inconsistent messages from Europe

On 31 May 2013, new European legislation was passed to amend the Regulation on credit rating agencies which was first introduced in the aftermath of the …

Private LIBOR claims – an uphill battle for claimants

UK Supreme Court clarifies the "balance-sheet" insolvency test

BNY Corporate Trustee Services Limited v Eurosail-UK 2007-3BL PLC [2013] UKSC 28 The Supreme Court has delivered a …

Business common sense arguments fail to save unclear drafting: the Court of Appeal (UK) upholds High Court decision on loan repayment fees

BMA Special Opportunity Hub Fund Ltd & Ors v African Minerals Finance Ltd [2013] EWCA Civ 416 (read the judgment here) The Court of Appeal …

Individual fails in large mis-selling claim concerning leveraged investments in structured notes

Basma Al Sulaiman v  (i) Credit Suisse Securities (Europe) Limited; and (ii) Plurimi Capital LLP [2013] EWHC 400 (Comm) In a strongly worded …