Banking Litigation Notes

Banking Litigation Update

Interest rate hedging product claims – the current landscape

1.  The FSA review In 2012, the Financial Services Authority (FSA) announced the findings of its review into interest rate hedging products (IRHPs) …

Structured credit products – key Australian decisions

In late 2012, the Federal Court of Australia handed down first instance judgments in two interesting cases involving claims brought by the purchasers of …

Clearing brokers' duties when exercising close out powers

In the current economic climate, brokers will find the decision of the High Court (UK) in Euroption of considerable interest, since it …

State entities' contractual capacity in derivatives transactions

A recent Court of Appeal (UK) decision contains an interesting and timely consideration of the capacity of a state-owned entity to enter into derivative …

Business common sense in contractual interpretation: the High Court (UK) considers loan prepayment fees

In a judgment that has surprised many commentators and caused some concern amongst credit providers, a High Court decision has interpreted ambiguous …

UK Supreme Court refuses to extend privilege to accountants

High Court rules that Ombudsman awards may be "topped up" through court action

The High Court has decided that a party who accepts a FOS determination awarding them the statutory maximum award (now £150,000) can subsequently claim …

High Court Ruling in Pension Funds' Action Against Fund Manager

The High Court has ruled largely against a group of institutional investors on preliminary issues in proceedings brought against the manager and general …

Reforms to Brussels Regulation now finalised

On 6 December the Council of EU Justice Ministers adopted proposed reforms to Council Regulation (EC) No 44/2001 on jurisdiction and the recognition and …

Unilateral jurisdiction clauses may not always be effective

It is not uncommon, particularly in a finance context, for an agreement to give a wider choice to some parties than others to decide where disputes will …

High Court declines to impose costs sanctions for refusal to mediate