Banking Litigation Notes

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 …

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 …