Banking Litigation Notes

ISDA to re-consult on pre-cessation fallbacks: litigation risk for legacy LIBOR contracts

The International Swaps and Derivatives Association (“ISDA”) announced yesterday that it will re-consult on how to implement pre-cessation fallbacks in …

The transition from LIBOR: FCA conduct risk warning and next steps

Over the past couple of weeks, the FCA has released two important communications in the context of the discontinuation of LIBOR, which is expected to …

Commercial Court grants summary judgment in favour of defendant bank in FX de-pegging case

Court of Appeal finds ISDA jurisdiction clause trumps competing clause in related contract

The Court of Appeal's judgment in BNP Paribas SA v Trattamento Rifiuti Metropolitani SPA provides further assurance that jurisdiction …

Court of Appeal confirms ISDA 1995 Credit Support Annex does not provide for payment of 'negative' interest

The Court of Appeal has upheld the High Court's decision that 'negative interest' is not payable by a Transferor of cash collateral under the standard …

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

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 …

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 confirms wide discretion afforded to a non-Defaulting Party when determining "fair market value" of securities under the GMRA (2000 version)

The recent Court of Appeal decision in LBI EHF v Raiffeisen Bank International AG [2018] EWCA Civ 719 affirms the wide discretion of the …

High Court clarifies calculation of Close-out amount under 2002 ISDA Master Agreement

Lehman Brothers Special Financing Inc. v National Power Corporation & Anor [2018] EWHC 487 (Comm) is a significant case on the calculation of …

New guidance from the High Court of Section 6(a) of the ISDA Master Agreement (right to terminate following Event of Default)

The High Court has recently considered the interpretation of Section 6(a) of the 1992 ISDA Master Agreement: Grant & Ors v WDW 3 Investments Ltd …