Banking Litigation Notes

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 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 gives guidance on anti-set off provisions in security documentation

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 rejects the first IRHP mis-selling claim brought by private persons under Section 138D FSMA

The High Court has rejected the first interest rate hedging product ("IRHP") mis-selling claim brought by private persons under section 138D 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 …

High Court rejects unfair relationship claim concerning allegations of breach of an advisory duty, misrepresentation and efficacy of basis clauses

Carney & Ors v NM Rothschild & Sons Limited [2018] EWHC 958 (Comm) is a recent case where the High Court rejected claims of an unfair …

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

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 …

Banking Litigation Update

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 …

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 …