Banking Litigation update

We have published our latest Banking Litigation Update, summarising some of the more important cases and developments affecting UK financial institutions over the first half of 2014, including:

Mis-selling claims

• LIBOR claims update
• High Court refuses to summarily dismiss a mis-selling claim as time-barred
• Topping up FOS awards through the courts - Court of Appeal decision
• Court of Appeal holds that misleading oral statements were not cured by clear disclosure in contractual documentation
• Liability of credit rating agencies confirmed by Australian appeal court

Contractual construction

• Making decisions in a 'commercially reasonable' manner
• Court of Appeal disagrees with High Court on whether a clause is ambiguous

Other significant decisions

• Conflicts of interest and sufficiency of information barriers
• Two important US decisions limiting the jurisdiction of US courts over non-US financial institutions
• Three decisions on dishonest assistance and knowing receipt
• High Court rejects misrepresentation claims against a bank
• Clarification of notification requirements under ISDA Master Agreement
• Securities agent found in breach of duty in its communications with clients

Litigation procedure and practice

• Court of Appeal softens Mitchell guidance but insists no return to old culture of non-compliance

Click here to read the Update.