Banking Litigation Notes

Causation in valuers' negligence claims: Reliance on earlier valuations

In a decision which will be of interest to financial institutions and valuers, the Supreme Court has overturned a decision of the Court of Appeal and …

Latest IRHP "Mis-selling judgment confirms no "mezzanine" duty of care owed by banks

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 …

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

Privy Council: No duty of care owed by a lender to disclose lending policies

A recent judgment handed down by the Privy Council is likely to have wide application to mis-selling claims generally: Deslauriers and another …

Supreme Court confirms that the situs of a debt due under a letter of credit is the location of the issuer

Court of Appeal upholds “no look through” principle in immobilised securities trading

The Court of Appeal has confirmed that an investor holding a beneficial interest in immobilised notes has no direct claim against the issuer of those …

Libyan Investment Authority v Goldman Sachs: Court of Appeal refuses permission to appeal

This time last year, the High Court rejected a claim by the Libyan Investment Authority (“LIA”) that dealings between it and Goldman Sachs (“GSI”) …

High Court applies public law standard to the exercise of discretion by a financial institution under a receivables finance agreement

BHL v Leumi ABL Ltd [2017] EWHC 1871 (QB) serves as an interesting illustration of how the Court can import public law principles to the …

High Court confirms narrow application of duty established by the Court of Appeal in So v HSBC

The Court has recently revisited the question of whether a bank providing a reference owes a duty to a third party relying on that …

High Court rejects application to include conspiracy allegations in IRHP misselling claim and gives guidance on meaning of "exceptional circumstances" in past business review undertakings given to the FCA

The latest in the line of recent judgments concerning interest rate hedging product ("IRHP") misselling allegations concerns an application by the …

Court of Appeal confirms no tortious duty of care owed to customers in connection with the FCA past business review

Over the past two years, the courts have grappled with the novel claimant argument that financial institutions owe duties of care in tort …