FSR and Corporate Crime Notes

Merricks v Mastercard: the litigation risks for the financial services sector

High Court says bank need not comply with numerous and repetitive DSARs which were being used for a collateral purpose

Herbert Smith Freehills launches new banking litigation blog

Our Banking Litigation team has launched their new Banking Litigation Notes blog, focusing on the latest banking litigation developments of interest to …

High Court orders disclosure of SFO documents in s.90A FSMA shareholder class action

In a recent decision, the High Court has ordered that documents provided to Tesco plc ("Tesco") by the SFO for the purpose of negotiating a deferred …

UK: no Suremime-type duty of care owed directly to customer in connection with past business review

Six months after the High Court's surprising judgment in Suremime Limited v Barclays Bank plc [2015] EWHC 2277 (QB), the recent decision in CGL Group …

UK Court orders disclosure of confidential SFO and client documents: Harlequin Property (SVG) Ltd & Anor v Wilkins Kennedy

The recent case management decision in Harlequin Property (SVG) Ltd and Another v Wilkins Kennedy [2015] EWHC 3050 (TCC) considered an application by the …

UK: New pilots of streamlined procedures for claims in the main business courts

Two pilot schemes, the Shorter Trials Scheme and the Flexible Trials Scheme, will be introduced for claims commenced from 1 October and will …

Hong Kong court dismisses investor's counterclaim against bank for mis-selling of financial products

The Court of First Instance has recently handed down its judgment in DBS Bank (Hong Kong) Limited v Sit Pan Jit (HCA 382/2009), which concerned a …

UK: Bank exercising a right of forced sale did not have a duty to obtain the best price reasonably obtainable

The High Court has found that a Bank which had exercised a right of forced sale over an asset was not under a duty by way of an implied term to take …

USA: Delaware Chancery Court finds bank's "unclean hands" bar contribution from co-defendants, orders payment of $76 million damages

On October 10, Vice Chancellor J. Travis Laster of the Delaware Chancery Court issued an opinion ordering RBC Capital Markets LLC ("the Bank") to …

UK: The EBA clamp-down on role-based allowances: behind the headlines

As has been widely reported, the European Banking Authority has stated that many role-based allowances should now be treated as variable remuneration, …

US Federal Court orders Microsoft to produce e-mail content stored outside the United States

In a decision that may have implications for the way US technology companies, and in particular data storage or "cloud" providers, do business with …