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We have published our latest Banking Litigation Update, summarising some of the more important cases and developments affecting UK financial institutions over the first half of 2014, including:

Mis-selling claims

  • LIBOR claims update
  • High Court refuses to summarily dismiss a mis-selling claim as time-barred
  • Topping up FOS awards through the courts - Court of Appeal decision
  • Court of Appeal holds that misleading oral statements were not cured by clear disclosure in contractual documentation
  • Liability of credit rating agencies confirmed by Australian appeal court

Contractual construction

  • Making decisions in a 'commercially reasonable' manner
  • Court of Appeal disagrees with High Court on whether a clause is ambiguous

Other significant decisions

  • Conflicts of interest and sufficiency of information barriers
  • Two important US decisions limiting the jurisdiction of US courts over non-US financial institutions
  • Three decisions on dishonest assistance and knowing receipt
  • High Court rejects misrepresentation claims against a bank
  • Clarification of notification requirements under ISDA Master Agreement
  • Securities agent found in breach of duty in its communications with clients

Litigation procedure and practice

  • Court of Appeal softens Mitchell guidance but insists no return to old culture of non-compliance

Click here to read the Update.

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