Current Awareness » interest

Interesting times – New Law Journal

sally — Tue, 14 May 2013 10:02:01 +0000

“In Jeffrey Jones v SoS for Energy and Climate Change [2012] EWHC 2936 (QB) the High Court considered the use of credit agreements between a law firm and its clients.”

Full story

New Law Journal, 13th May 2013

Source: www.newlawjournal.co.uk

Barclays Libor court case delayed until April 2014 – The Guardian

sally — Tue, 30 Apr 2013 09:25:21 +0000

“The first UK trial concerning the alleged fraudulent manipulation of Libor rates has been delayed until next year after Barclays won the right to challenge aspects of the high court case.”

Full story

The Guardian, 29th April 2013

Source: www.guardian.co.uk

Banks Take First Round In Interest Rate Swap Mis-Selling Claims – No. 5 Chambers

sally — Wed, 17 Apr 2013 12:20:00 +0000

“Following the announcement in June 2012 by the Financial Services Authority of a two month investigation in to the sale (and in particular mis-selling) of interest rate hedging products such as swaps, collars, structured collars there is considerable interest in whether such claims are likely, following Payment Protection Insurance, to become another key battleground in financial services litigation.”

Full story

No. 5 Chambers, 7th February 2013

Source: www.no5.com

LIBOR Cases – A Return to Normality? – Littleton Chambers

sally — Wed, 17 Apr 2013 11:53:36 +0000

“Last year I discussed Mr Justice Flaux’s decision in Graiseley Properties Limited and others v Barclays Bank plc [2012] EWHC 3093 (Comm) (see Littleton Comment on 4 December 2012). In that case Flaux J. had allowed amendments to plead fraudulent misrepresentation and breach of implied terms in relation to LIBOR which smoothed the path to claims which were, in essence, that the Bank had sold LIBOR-related products when it knew that its employees were attempting to ‘rig’ LIBOR rates for their own purposes (i.e. making their trades profitable) and that such conduct would disadvantage clients who relied on the Bank not attempting to manipulate LIBOR rates. Although I pointed out that allowing the amendments, which lacked the particularity to be expected, was unusual, I also observed that ‘This is a welcome and realistic approach to the difficulties faced by customers in claims against banks.’”

Full story

Littleton Chambers, 15th April 2013

Source: www.littletonchambers.com

Libor scandal: RBS fined £390m – BBC News

sally — Wed, 06 Feb 2013 15:48:39 +0000

“Royal Bank of Scotland (RBS) has been fined £390m ($610m) by UK and US authorities for its part in the Libor rate-fixing scandal.”

Full story

BBC News, 6th February 2013

Source: www.bbc.co.uk

No anonymity for bankers involved in Libor scandal – UK Human Rights Blog

sally — Thu, 31 Jan 2013 09:40:15 +0000

“The Commercial Court has resisted an application to anonymise those individuals at Barclays involved in the LIBOR scandal.”

Full story

UK Human Rights Blog, 30th January 2013

Source: www.ukhumanrightsblog.com

Judge denies Barclays staff anonymity in Libor case – The Guardian

tracey — Fri, 25 Jan 2013 11:25:53 +0000

“Barclays has been forced to reveal the identities of more than 100 employees who had been attempting to keep their names out of the public domain ahead of a case involving the alleged manipulation of the Libor rate.”

Full story

The Guardian, 24th January 2013

Source: www.guardian.co.uk

A balanced approach to the challenges of economic crime – Attorney General’s Office

tracey — Fri, 25 Jan 2013 10:27:53 +0000

“Attorney General, Dominic Grieve QC MP outlined steps taken to prosecute economic crime at the Cityforum round table. Originally given at City of London Guildhall. This is the text of the speech as drafted, which may differ slightly from the delivered version.”

Full speech

Attorney General’s Office, 21st January 2013

Source: www.gov.uk/ago

Defendants in Libor-fixing case may be named, court rules – The Guardian

sally — Tue, 22 Jan 2013 09:55:16 +0000

“More than 100 bankers have failed in a bid to prevent their names being revealed during preliminary hearings of a high court case centred on alleged rigging of the key London interbank offered rate (Libor) by Barclays staff.”

Full story

The Guardian, 21st January 2013

Source: www.guardian.co.uk

RBS awaits hefty fines for Libor rigging – The Guardian

sally — Mon, 21 Jan 2013 09:25:13 +0000

“Stephen Hester lays groundwork for penalties expected to be £500m or more.”

Full story

The Guardian, 20th January 2013

Source: www.guardian.co.uk

LIBOR administrators will be required to corroborate submissions under FSA proposals – OUT-LAW.com

sally — Fri, 07 Dec 2012 09:43:34 +0000

“Clear, unambiguous rules on the administration of, and submitting to, the London Interbank Offered Rate (LIBOR) and other benchmarks will be included in the regulatory handbook, the Financial Services Authority (FSA) has said.”

Full story

OUT-LAW.com, 6th December 2012

Source: www.out-law.com

LIBOR to be regulated as Government accepts Wheatley’s recommendations “in full” – OUT-LAW.com

sally — Thu, 18 Oct 2012 11:37:26 +0000

“Administering and contributing to the London Interbank Offered Rate (LIBOR) will become a regulated activity, while criminal sanctions will be introduced for ‘misleading statements’ in relation to the benchmark, the Government has confirmed.”

Full story

OUT-LAW.com, 18th October 2012

Source: www.out-law.com

Libor review: key points – The Guardian

tracey — Fri, 28 Sep 2012 08:31:50 +0000

“Martin Wheatley’s 10-point plan includes stripping the BBA of its role and making Libor manipulation a criminal offence.”

Full story

The Guardian, 28th September 2012

Source: www.guardian.co.uk

Libor to be overhauled as part of reforms, says FSA – The Guardian

tracey — Fri, 10 Aug 2012 08:54:04 +0000

“Martin Wheatley, FSA boss, says Libor is ‘no longer fit for purpose’ and intends to make Libor manipulation a criminal offence.”

Full story

The Guardian, 10th August 2012

Source: www.guardian.co.uk

Type of interest due on overpaid tax is at discretion of national governments, ECJ says – OUT-LAW.com

tracey — Fri, 20 Jul 2012 09:12:12 +0000

“It is for European member states to determine how interest should be calculated on repayments of overpaid tax, the European Court of Justice (ECJ) has ruled.”

Full story

OUT-LAW.com, 19th July 2012

Source: www.out-law.com

Serious Fraud Office launches Libor investigation – BBC News

tracey — Fri, 06 Jul 2012 14:38:15 +0000

“The Serious Fraud Office (SFO) has confirmed that it has formally launched a criminal investigation into the rigging of inter-bank lending rates.”

Full story

BBC News, 6th July 2012

Source: www.bbc.co.uk

Attorney general steps in to caution against speedy banking inquiry – The Guardian

sally — Thu, 05 Jul 2012 18:30:26 +0000

“Britain’s most senior law officer has appeared to undermine the government’s own argument that any inquiry into the current banking scandal needed to happen as quickly as possible.”

Full story

The Guardian, 5th July 2012

Source: www.guardian.co.uk

David Cameron announces an inquiry into the banking sector – BBC News

sally — Mon, 02 Jul 2012 15:16:37 +0000

“Prime Minister David Cameron has announced a parliamentary review of the banking sector in the wake of the Barclays inter-bank lending furore.”

Full story

BBC News, 2nd July 2012

Source: www.bbc.co.uk

High street banks agree to payouts for mis-selling financial products – The Guardian

sally — Mon, 02 Jul 2012 09:29:35 +0000

“Banks faced fresh criticism about their treatment of customers on Friday after the Financial Services Authority said the big four high street banks – Barclays, RBS, Lloyds and HSBC – might need to compensate small business customers.”

Full story

The Guardian, 29th June 2012

Source: www.guardian.co.uk

Pressure grows for those involved in interest-rate fixing to be prosecuted – The Independent

sally — Mon, 02 Jul 2012 09:25:02 +0000

“Pressure was growing yesterday for the bankers involved in interest-rate fixing to face criminal charges.”

Full story

The Independent, 2nd July 2012

Source: www.independent.co.uk

UK Uncut makes high court challenge to Goldman Sachs tax deal – The Guardian

sally — Wed, 13 Jun 2012 08:51:29 +0000

“A deal worth at least £10m between banking giant Goldman Sachs and the head of HM Revenue and Customs is set to be challenged in the high court on Wednesday by tax-avoidance campaign group, UK Uncut Legal Action.”

Full story

The Guardian, 13th June 2012

Source: www.guardian.co.uk

Broken promises? Sale and rent back is no answer to a mortgage – Hardwicke Chambers

sally — Thu, 07 Jun 2012 13:48:51 +0000

“Owner occupiers unable to afford their mortgages have sometimes entered into sale and rent back arrangements (‘SRBs’). Under a SRB, the house is sold, often at a discount, but the vendor remains in occupation under a lease granted by the purchaser. According to a 2008 OFT study, even though SRBs were a relatively new phenomenon there had been about 50,000 of them. At that time the SRB market was unregulated. The FSA began to regulate it in 2009. According to a recent FSA press release, ‘the entire SRB market is temporarily shut’. Nevertheless, it is apparent that many tens of thousands of SRBs must have taken place by now.”

Full story

Hardwicke Chambers, 24th May 2012

Source: www.hardwicke.co.uk

Court of Appeal decides interest on costs argument – 4 New Square

sally — Mon, 20 Feb 2012 13:03:19 +0000

“This morning (16th February 2012) the Court of Appeal handed down judgment in the case of Simcoe v Jacuzzi Group UK PLC. The case is, in effect, the appeal against HHJ Stewart QC’s judgment in Gray v Toner (Liverpool County Court, 11th November 2010) and provides the answer to the questions which have bedevilled detailed assessments for the last 18 months or so – from what date does interest on costs usually run and does the fact the Claimant was on a CFA provide a reason to not award interest until the costs are assessed”

Full story (PDF)

4 New Square, 16th February 2012

Source: www.4newsquare.com

Simcoe v Jacuzzi UK Group plc – WLR Daily

sally — Mon, 20 Feb 2012 11:18:07 +0000

Simcoe v Jacuzzi UK Group plc [2012] EWCA Civ 137; [2012] WLR (D) 35

“The date from which interest ran on an award of costs in the county court in favour of a successful litigant was, by reason of article 2 of the County Court (Interest on Judgment Debts) Order 1991, the date the order for costs was made, not the date on which costs were assessed or agreed. The discretion granted in making an award of costs by CPR r 40.8 did not apply and was ineffective in that court.”

WLR Daily, 16th February 2012

Source: www.iclr.co.uk

Payday loan companies face tougher regulation over high interest rates – The Guardian

tracey — Thu, 08 Dec 2011 11:01:14 +0000

“Companies that provide expensive, short-term loans to desperate borrowers face tougher regulation by the government.”

Full story

The Guardian, 7th December 2011

Source: www.guardian.co.uk

Withers LLP v Langbar International Ltd – WLR Daily

sally — Wed, 07 Dec 2011 10:25:17 +0000

Withers LLP v Langbar International Ltd [2011] EWCA Civ 1419; [2011] WLR (D) 351

“In asking whether money placed in the client account of a solicitor’s client were subject to a lien in favour of the solicitor the key question was whether the money had been placed in the account for general purposes or for a particular purpose which was incompatible with a lien arising.”

WLR Daily, 5th December 2011

Source: www.iclr.co.uk

Parties forced to take out loans at high interest to pay their legal costs can recover that interest, judge says – OUT-LAW.com

sally — Thu, 03 Nov 2011 10:56:10 +0000

“Parties in complex court cases who are forced to take out loans at a high rate of interest to pay their legal costs can recover the full amount of that interest from the other party in certain circumstances, a court has said.”

Full story

OUT-LAW.com, 3rd November 2011

Source: www.out-law.com

Aurubis Balgaria AD v Nachalnik na Mitnitsa Stolichna – WLR Daily

sally — Thu, 07 Apr 2011 09:46:27 +0000

Aurubis Balgaria AD v Nachalnik na Mitnitsa Stolichna (Case C-546/09); [2011] WLR (D) 123

“Interest on arrears in relation to customs duties still to be recovered could only be charged pursuant to article 232(1)(b) of Regulation 2913/92, as amended, in respect of the period falling after the deadline by which those duties were to be paid.”

WLR Daily, 31st March 2011

Source: www.iclr.co.uk

Please note that once a case has been reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Ministers consider rates cap on legal loan sharking – The Guardian

sally — Mon, 02 Aug 2010 08:44:59 +0000

“Ministers are to consider capping interest rates as a campaign launches demanding action to stamp out legal loan sharking.”

Full story

The Guardian, 2nd August 2010

Source: www.guardian.co.uk

Southern Pacific Securities 05-2 plc (in substitution for Southern Pacific Personal Loans Ltd) v Walker and another – WLR Daily

sally — Fri, 09 Jul 2010 09:34:09 +0000

Southern Pacific Securities 05-2 plc (in substitution for Southern Pacific Personal Loans Ltd) v Walker and another [2010] UKSC 32; [2010] WLR (D) 175

“A credit broker administration fee and the interest payable on it were properly included in the charge for credit within the meaning of the Credit Consumer Act 1974 and the Consumer Credit (Total Charge for Credit) Regulations 1980, and accordingly, since those items did not form part of the amount of credit as set out in a loan agreement made between parties in 2005, that amount was correctly stated and the agreement was enforceable.”

WLR Daily, 8th July 2010

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Contractual interest on damages does contribute to capped sum, rules High Court – OUT-LAW.com

sally — Thu, 04 Mar 2010 16:51:11 +0000

“A contract’s liability cap applies to interest on payments that is part of that contractual agreement but does not apply to statutory interest applied by a court, the High Court has said.”

Full story

OUT-LAW.com, 4th March 2010

Source: www.out-law.com

Interest rate of 15% was not a punishment, rules Court of Appeal – OUT-LAW.com

sally — Fri, 31 Jul 2009 09:20:25 +0000

“An interest rate of 15% agreed in a contract between two companies was not a penalty and was justified, the Court of Appeal has said. The interest, which had been ruled unlawful, can be charged, said the Court.”

Full story

OUT-Law.com, 30th July 2009

Source: www.out-law.com

Ruttle Plant Hire Ltd v Secretary of State for Environment Food and Rural Affairs (No 3) – Times Law Reports

sally — Wed, 04 Mar 2009 10:21:00 +0000

Ruttle Plant Hire Ltd v Secretary of State for Environment Food and Rural Affairs (No 3)

Court of Appeal

“Mistakes in a supplier’s invoice did not enable the paying party to avoid late payment interest penalties.”

The Times, 4th March 2009

Source: www.timesonline.co.uk

Please note the Times Law Reports are only available free on Times Online for 21 from the date of publication.

Ruttle Plant Hire Ltd v Secretary of State for Environment Food & Rural Affairs (No 3) – WLR Daily

sally — Tue, 03 Mar 2009 10:11:53 +0000

Ruttle Plant Hire Ltd v Secretary of State for Environment Food & Rural Affairs (No 3) [2009] EWCA Civ 97; [2009] WLR (D) 75

“A ‘notice of an amount of the debt’ within the meaning of s4(5) of the Late Payment of Commercial Debt (Interest) Act 1998 did not have to be correct before the court could award interest for late payment of an invoice.”

WLR Daily, 2nd March 2009

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Companies must pay up undisputed amounts to avoid punitive interest, says Court of Appeal – OUT-LAW.com

sally — Tue, 03 Mar 2009 09:50:31 +0000

“Companies that withhold all payment for goods or services in order to strengthen their hand in negotiations over disputed amounts will have to pay punitive interest on that money, the Court of Appeal has said.”

Full story

OUT-LAW.com, 2nd March 2009

Source: www.out-law.com

Credit card firms agree fairer terms – The Guardian

sally — Fri, 12 Dec 2008 09:24:29 +0000

“Credit card companies will no longer be able to raise interest rates overnight, and will only be able to implement an increase twice a year, under a new government agreement.”

Full story

The Guardian, 12th December 2008

Source: www.guardian.co.uk

Pre-judgment interest on debts and damages – Ministry of Justice

sally — Wed, 17 Sep 2008 08:51:51 +0000

“The government’s response to the Law Commission report on the amount of interest courts should award on debts and damages in court proceedings. ‘Pre-judgment interest’ refers to the interest awarded from the day when payment fell due until judgment is entered or payment made (whichever is earlier).”

Full story

Ministry of Justice, 16th September 2008

Source: www.justice.gov.uk

Sempra Metals Ltd. (formerly Metallgesellschaft Ltd.) v. Inland Revenue Commissioners and Another – The Times

sally — Wed, 25 Jul 2007 14:43:28 +0000

Compound interest is payable in restitution

Sempra Metals Ltd (formerly Metallgesellschaft Ltd) v Inland Revenue Commissioners and Another

“The court had power to make an award of compound interest in a claim for restitution where such an award was necessary to achieve full justice for the claimant.”

The Times, 25th July 2007

Source: www.timesonline.co.uk

Please note the Times Law Reports are only available free on Times Online for 21 days from the date of publication.

Analysis: Sempra has rewritten law on debt repayment – The Times

sally — Thu, 19 Jul 2007 08:08:41 +0000

“The House of Lords’ ruling in the Sempra Metals case, while ostensibly about a complicated tax issue, could challenge the foundations of English law on the repayment of debt.”

Full story

The Times, 19th July 2007

Source: www.timesonline.co.uk

Lords defeat could cost Revenue ‘billions’ – The Times

sally — Wed, 18 Jul 2007 14:57:08 +0000

“Revenue & Customs could be forced to repay “billions” of pounds in tax to UK businesses after suffering a devastating defeat in the House of Lords today.”

Full story

The Times, 18th July 2007

Source: www.timesonline.co.uk