Banking Litigation Notes

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

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 …

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 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 …

High Court applies SAAMCO principle to find no assumption of responsibility for losses flowing from market forces

The decision of the High Court in Manchester Building Society v Grant Thornton UK LLP [2018] EWHC 963 (Comm) is a useful illustration of …

Action for declaration that bank failed to conduct past business review properly is not arguable

In the context of interest rate hedging product (“IHRP”) mis-selling litigation, the High Court has rejected an application for permission to amend …

Court of Appeal rejects bank's attempt to defeat 'Quincecare' claim with illegality defence

In Singularis Holdings Ltd v Daiwa Capital Markets Europe Ltd [2018] EWCA Civ 84, the Court of Appeal found that the defence of illegality was …

PAG v RBS: Court of Appeal dismisses IRHP mis-selling and LIBOR manipulation claim

The Court of Appeal has dismissed the entirety of the long-awaited appeal in Property Alliance Group v The Royal Bank of Scotland [2018] EWCA …

High Court rejects another interest rate hedging product mis-selling claim: key points of general application

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 …

High Court finds duty of care owed by arranger of capital markets transaction to investors