Banking sector faces wide-ranging review by finance watchdog – The Guardian

Posted July 18th, 2014 in banking, competition, financial regulation, news by tracey

‘Britain’s big four high street banks could be forced to break themselves up after the competition watchdog signalled its intention to launch a sweeping investigation into the £10bn-a-year sector.’

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The Guardian, 18th July 2014

Source: www.guardian.co.uk

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A peculiar case of priorities – Hardwicke Chambers

Posted June 26th, 2014 in appeals, banking, land registration, mortgages, news, notification by sally

‘In Bank of Scotland v Joseph [2014] EWCA Civ 28, 1 P & Cr 18, the Court of Appeal was faced with an issue of priority in relation to a unilateral notice. It arose out of a rather curious set of facts.’

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Hardwicke Chambers, 4th June 2014

Source: www.hardwicke.co.uk

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Oberbank AG v Deutscher Sparkassen-und Giroverband eV; Banco Santander SA and another v Same – WLR Daily

Posted June 24th, 2014 in banking, EC law, intellectual property, law reports, trade marks by sally

Oberbank AG v Deutscher Sparkassen-und Giroverband eV; Banco Santander SA and another v Same (Joined Cases C-217/13 and C-218/13); ECLI:EU:C:2014:2012; [2014] WLR (D) 274

‘Article 3(1) and (3) of Parliament and Council Directive 2008/95/EC of 22 October 2008 to approximate the laws of the member states relating to trade marks precluded an interpretation of national law according to which, in the context of proceedings raising the question whether a contourless colour mark had acquired a distinctive character through use, it was necessary in every case that a consumer survey indicated a degree of recognition of at least 70%.’

WLR Daily, 19th June 2014

Source: www.iclr.co.uk

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Claims against banks for negligent credit references? The possible impact of the Durkin decision – Hardwicke Chambers

Posted June 6th, 2014 in banking, consumer credit, economic loss, negligence, news by sally

‘Professionals in all walks of life are frequently asked to give references in respect of people or organisations. A negligently given reference may cause the recipient who relies on it or the person the subject of it to suffer pure economic loss in respect of which they will want to recover damages. In Durkin v DSG Retail Limited [2014] 1 W.L.R. 1148, the Supreme Court has, in a couple of short paragraphs, given a timely reminder of the pitfalls than may await anyone, in particular banks and other lenders, who gives a negligent reference.’

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Hardwicke Chambers, 21st May 2014

Source: www.hardwicke.co.uk

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In re Lehman Brothers (International) (Europe) (in administration) (No 5) – WLR Daily

In re Lehman Brothers (International) (Europe) (in administration) (No 5); Contrarian Funds LLC v Lomas and others [2014] EWHC 1687 (Ch);  [2014] WLR (D)  233

‘Approach of court to applications for extensions of time under the Insolvency Rules 1986 in light of the reformulation of CPR r 3.9 and the test to be applied on an application for relief from sanctions.’

WLR Daily, 23rd May 2014

Source: www.iclr.co.uk

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Bank St Petersburg OJSC and another v Arkhangelsky and another; Arkhangelsky and others v Bank St Petersburg OJSC and another – WLR Daily

Posted May 22nd, 2014 in appeals, banking, injunctions, jurisdiction, law reports by sally

Bank St Petersburg OJSC and another v Arkhangelsky and another; Arkhangelsky and others v Bank St Petersburg OJSC and another [2014] EWCA Civ 593; [2014] WLR (D) 215

‘Although exceptional, the power existed to grant a world-wide anti-enforcement injunction as opposed to an anti-suit injunction.’

WLR Daily, 14th May 2014

Source: www.iclr.co.uk

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Co-operative and Community Benefit Societies Act 2014

Posted May 15th, 2014 in banking, charities, legislation by tracey

Co-operative and Community Benefit Societies Act 2014 published

Full text of Act

Source: www.legislation.gov.uk

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City fraud cases on brink of collapse in growing row over legal aid cuts – The Guardian

‘The biggest City fraud cases since the crash of 2008 are close to collapsing because of the government’s cuts to legal aid. The refusal of barristers to work at the government’s new low rates has already led to Judge Anthony Leonard throwing out charges against five men accused of conning investors out of their savings by selling them land at grotesquely inflated prices.’

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The Guardian, 10th May 2014

Source: www.guardian.co.uk

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Bankers’ Bonuses – how the divorce capital of the world treats the rewards reaped from the financial capital of Europe – Family Law Week

Posted April 17th, 2014 in banking, divorce, financial provision, news, periodical payments, remuneration by tracey

‘Lois Rogers, solicitor at Vardags, and Lily Mottahedan, barrister at 1 Hare Court, examine the court’s treatment of bonuses in financial remedy claims in light of the recent decision of Mrs Justice Eleanor King in H v W [2014] EWHC 4105 (Fam) and pre-existing case law.’

Full story

Family Law Week, 17th April 2014

Source: www.familylawweek.co.uk

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Greenclose Ltd v National Westminster Bank plc – WLR Daily

Greenclose Ltd v National Westminster Bank plc: [2014] EWHC 1156 (Ch);   [2014] WLR (D)  173

‘The terms of section 12(a) of the International Swaps and Derivatives Association (“ISDA”) Master Agreement (Multi Currency-Cross Border Form) (1992 ed) were mandatory and any notice purportedly served pursuant to those provisions had to have been given by the means therein prescribed, and by reference to and in accordance with the contact information provided in part 4 of the schedule to the agreement, subject to any amendment properly notified pursuant to section 12(b). If the schedule did not provide certain information necessary for service by a prescribed method, the contract was to be construed as limiting the prescribed methods to those expressly permitted by the schedule unless and until the missing information was notified under section 12(b) or the contract was formally amended.’

WLR Daily, 14th April 2014

Source: www.iclr.co.uk

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Santander UK Plc v RA Legal Solicitors: A shift in balance in favour of lenders? – Hardwicke Chambers

Posted April 8th, 2014 in banking, breach of trust, causation, law firms, news, solicitors, trusts by sally

‘Section 61 of the Trustee Act 1925 gives the court power to relieve from liability a trustee who has committed a breach of trust, if he: (i) acted honestly and reasonably; and (ii) ought fairly to be excused for the breach.’

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Hardwicke Chambers, 13th March 2014

Source: www.hardwicke.co.uk

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Durkin v DSG Retail Ltd and another – WLR Daily

Durkin v DSG Retail Ltd and another [2014] UKSC 21; [2014] WLR (D) 144

A restricted-use credit agreement under section 12(b) of the Consumer Credit Act 1974 which related to a specified supply transaction was conditional upon the substantive survival of that supply transaction, so that a purchaser who rescinded the supply agreement for breach of contract could also rescind the credit agreement.

WLR Daily, 26th March 2014

Source: www.iclr.co.uk

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Richard Durkin: ‘Mixed feelings’ for the man who fought a £250,000 16-year PC World laptop credit dispute with HFC bank – The Independent

Posted March 27th, 2014 in appeals, banking, consumer credit, damages, duty of care, news, rescission, Supreme Court by tracey

‘A man placed on a credit blacklist after a row over payments for a laptop computer said today he had “mixed feelings” despite winning a court battle that lasted 16 years.’

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The Independent, 26th March 2014

Source: www.independent.co.uk

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“Premature” bid for RBS case budget only penalised with 50% costs award – Litigation Futures

Posted March 19th, 2014 in banking, budgets, costs, news by tracey

‘The action group that brought a premature application for budgeting in the RBS rights issue litigation will only pay half of the costs of the hearing at this stage, because “the basic proposition that a budgeting exercise would be appropriate may yet be vindicated”.’

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Litigation Futures, 18th March 2014

Source: www.litigationfutures.com

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In re Lehman Brothers International (Europe) (in administration) (No 4) – WLR Daily

Posted March 18th, 2014 in banking, insolvency, law reports by tracey

In re Lehman Brothers International (Europe) (in administration) (No 4):[2014] EWHC 704 (Ch);  [2014] WLR (D)  132

‘Determination of issues raised in the administration of three companies as to the potential liability of two members in the group for the liabilities of the principal trading company, an unlimited company, and in particular its subordinated liabilities, and the relationship between their liability, if any, as members and their claims as creditors.’

WLR Daily, 14th March 2014

Source: www.iclr.co.uk

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Bank of England calls in leading QC to investigate forex-rigging claims – The Guardian

Posted March 13th, 2014 in banking, barristers, financial regulation, inquiries, insider dealing, news by tracey

‘The Bank of England has called in one of the most respected figures in the legal world, Anthony Grabiner QC, to investigate allegations that some of its staff may have been involved in manipulating the £3 trillion-a-day foreign exchange markets for almost 10 years.’

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The Guardian, 12th March 2014

Source: www.guardian.co.uk

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SFO head defends agency’s perceived “lack of appetite” for prosecuting senior UK bankers – OUT-LAW.com

‘The head of the Serious Fraud Office (SFO), which investigates and prosecutes serious and organised crime in England and Wales, has defended the agency’s record against UK banks and senior bankers in the aftermath of the financial crisis.’

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OUT-LAW.com, 6th October 2014

Source: www.out-law.com

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Bringing bankers to book – BBC Law in Action

Posted March 5th, 2014 in banking, fraud, news, prosecutions by sally

‘Why have no senior bankers been prosecuted for their role in the financial crisis? And should companies be able to avoid criminal prosecution by making a deal with a judge about how they work in future? The man who runs the Serious Fraud Office will be in the Law In Action studio to answer those questions and more as the programme returns for a new series.’

Listen

BBC Law in Action, 4th March 2014

Source: www.bbc.co.uk

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Judge approves Savile compensation scheme – Daily Telegraph

Posted February 27th, 2014 in banking, compensation, executors, news, trusts, victims by sally

‘Victims of serial sex offender Jimmy Savile are a step closer to getting compensation after a judge sanctioned a scheme to award payouts.’

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Daily Telegraph, 26th February 2014

Source: www.telegraph.co.uk

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The Mis-Selling of Interest Rate Swaps – A Discussion – No. 5 Chambers

Posted February 24th, 2014 in banking, financial regulation, interest, limitations, news by sally

‘As many will be aware, the recent RBS swaps cases have thrown up interesting issues, including the proper characterization of legal duties owed by banks and other regulated firms, standard form limitation/exclusion terms, and Limitation Act problems. These issues are further complicated by the LIBOR manipulation points raised in Graisely Properties v Barclays.’

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No. 5 Chambers, 24th February 2014

Source: www.no5.com

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