Banking Litigation Notes

Letters of Instruction: Banks' liability to third parties clarified by Court Of Appeal

The Court of Appeal has held that a letter of instruction ("LOI") between a bank and its customer conferred a benefit on third party investors. The …

Important High Court guidance on the limits of determining party's discretion when calculating Loss under the 1992 ISDA Master Agreement

High Court considers contractual construction of guarantees

The High Court has recently considered a number of questions of contractual construction in the context of guarantees: Barclays Bank plc v Price …

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 …

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 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

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

High Court finds bank unreasonably withheld consent to sale of secured property where sale would not have satisfied the secured liability in full

High Court dismisses summary judgment application in credit card portfolio transfer case

In CCUK Finance Ltd & Anor v Barclays Bank plc [2018] EWHC 304 (Comm), the High Court has rejected the claimants’ application for summary …

Court of Appeal finds no contractual duty to prevent counterparty from inflicting economic harm on itself

A recent Court of Appeal decision has found that a broker owed no contractual duty to prevent a "sophisticated and experienced" trader (trading as a …

English High Court confirms that Sharia non-compliance will not affect the enforceability of an English law agreement in an Islamic finance structure