Banking Litigation Notes

Court of Appeal confirms Morrisons vicariously liable for employee's deliberate actions in first successful UK class action for data breach

High Court Strikes out claim alleging an implied overarching 'customer agreement' requiring the parties to "cooperate with each other and act in good faith".

Standish & Ors v The Royal Bank of Scotland plc & Anor [2018] EWHC 1829 (Ch) will be of interest to financial institutions seeking to …

Herbert Smith Freehills LLP edits and contributes chapters to Getting the Deal Through – Financial Services Litigation 2018

Court of Appeal decision in ENRC: orthodoxy restored on litigation privilege, but narrow interpretation of “client” remains for now

The Court of Appeal has today handed down its eagerly awaited decision in the ENRC appeal: The Director of the Serious Fraud Office v Eurasian …

Commercial Court finds that 'negative' interest is not payable on cash collateral posted in accordance with the standard form ISDA Credit Support Annex

The question of whether 'negative interest' will be payable by a transferor of cash collateral in the context of a standard form ISDA 1995 Credit Support …

Court of Appeal finds ISDA jurisdiction clause trumps 'theoretically competing' clause in separate agreement governing wider relationship

Consistent with recent authority, the Court of Appeal has given primacy to an English jurisdiction clause in an ISDA Master Agreement (overturning the …

Do we need a new duty of care in financial services?

On 17 July 2018, the FCA published a paper on its Approach to Consumers (the Approach), accompanied by a discussion paper DP18/5 (the DP) on …

Court of Appeal holds no real prospect of success for claim alleging contractual obligations owed by a bank to its customers in the conduct of FCA review

The Court of Appeal has refused the claimants permission to appeal in the most recent interest rate hedging product ("IRHP") mis-selling claim to come …

Supreme Court provides clear guidance on liability to third parties for bankers' references: clarifying the circumstances where banks will be liable for incorrect information

High Court holds ISDA jurisdiction clause trumps competing jurisdiction clause in separate but related agreement

The decision of the High Court in BNP Paribas SA v Trattamento Rifiuti Metropolitani SPA [2018] EWHC 1670 (Comm) confirms that an express …

Court of Appeal gives guidance on anti-set off provisions in security documentation

High Court confirms potential liability of creditors for breaches of duty by administrators

The decision in Davey v Money & Anor [2018] EWHC 766 (Ch) serves as a useful reminder for secured creditors (such as banks) of the …