Banking Litigation Notes

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 …

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 …