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.’

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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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What to do if your organisation is the victim of a fraud attack – OUT-LAW.com

Posted February 21st, 2014 in banking, computer crime, disclosure, fraud, news by sally

‘The trial of five people accused of stealing millions of pounds from UK banks using computer technology to access bank accounts has emphasised how vulnerable even the biggest and most secure organisations can be to fraud.’

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OUT-LAW.com, 21st February 2014

Source: www.out-law.com

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Chat Rooms and 21st Century Insider Dealing – Six Pump Court

Posted February 14th, 2014 in banking, financial regulation, insider dealing, internet, news by sally

‘Just when the bankers and financiers of the world thought it was safe to begin trading again in the shark infested waters of high finance after showing their contrition with the payment of multi-billion dollar fines to various regulators worldwide following the debacle of the Libor Scandal, a further scandal is looming which has the potential to dwarf Libor and lead to further collateral investigations into other asset classes across the board – welcome to the year of the Forex!’

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Six Pump Court, 12th February 2014

Source: www.6pumpcourt.co.uk

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16-year legal battle over laptop reaches UK supreme court – The Guardian

Posted January 10th, 2014 in banking, consumer credit, contracts, news, sale of goods, Supreme Court by tracey

‘All Richard Durkin wanted was a laptop with an inbuilt modem. But what he ended up with was an epic 16-year legal tussle, a £250,000 bill for legal fees and, now, a date at the supreme court. The 44-year-old married father of two has been engaged in a David-and-Goliath battle against the bank that he says “annihilated” his credit rating after he walked into his local PC World to buy a £1,500 laptop in 1998.’

Full story

The Guardian, 9th January 2014

Source: www.guardian.co.uk

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Banking reforms become law after getting Royal Assent – BBC News

Posted December 19th, 2013 in banking, bills, crime, financial regulation, news by tracey

‘Reforms to the UK banking sector aimed at making it more resilient after the 2008 financial crisis have become law. The Financial Services Bill was given Royal Assent on Wednesday after being approved by Parliament earlier.’

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BBC News, 19th December 2013

Source: www.bbc.co.uk

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Ecclestone ‘corrupt payments’ trial judgement reserved – BBC News

Posted December 16th, 2013 in banking, corruption, damages, news, sport, tax evasion by sally

‘A judge has reserved judgement in an £85m ($140m) damages claim against the Formula 1 boss Bernie Ecclestone.’

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BBC News, 13th December 2013

Source: www.bbc.co.uk

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‘Vishing’ and courier scam complaints increase – BBC News

Posted December 16th, 2013 in banking, complaints, financial services ombudsman, fraud, news, statistics by sally

‘Banks are failing to refund some victims of a phone scam that involves people being duped into transferring money from their own bank account to one that is accessible to a fraudster.’

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BBC News, 14th December 2013

Source: www.bbc.co.uk

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Isis Investments Ltd v Oscatello Investments Ltd and others – WLR Daily

Posted November 29th, 2013 in appeals, banking, conflict of interest, EC law, jurisdiction, law reports by sally

Isis Investments Ltd v Oscatello Investments Ltd and others [2013] EWCA Civ 1493; [2013] WLR (D) 459

“Articles 10(2)(e) and 32 of Council Directive 2001/24/EC required a careful construction of the phrases ‘lawsuits pending’ and ‘pending lawsuit’ if one were to rely on the provisions in order to permit a departure from the general principle contained within article 10(1) that a credit institution should be wound up in accordance with the laws of its home member state.”

WLR Daily, 27th November 2013

Source: www.iclr.co.uk

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Government to legislate to cap the cost of payday loans – OUT-LAW.com

‘The Government will introduce legislation to cap the cost of payday loans to borrowers, the Chancellor of the Exchequer has announced.’

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OUT-LAW.com, 27th November 2013

Source: www.out-law.com

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