‘Th judge who sentenced a former trader to 14 years in jail for conspiracy to rig Libor blocked the defence from presenting key evidence about a banking industry that routinely flouted rules, the court of appeal has heard.’
The Guardian, 1st December 2015
Source: www.guardian.co.uk
Menelaou v Bank of Cyprus plc: [2015] UKSC 66; [2015] WLR (D) 438
‘Where a person was given a property by her parents bought with money from the sale of the family home, made possible by a bank having agreed to release its charges over the family home (securing the parents’ borrowing) to allow it to be sold, in return for receiving a lump sum payment out of the proceeds of sale to reduce the borrowing and a fresh charge over the new property to secure the remaining indebtedness, but— because the person had not been told of the fresh charge and it had been defectively executed— the new charge was void, the bank had an equitable interest in the new property to the extent of the value of the purported charge, which it could enforce by means of subrogation to an unpaid vendor’s lien.’
WLR Daily 4th November 2015
Source: www.iclr.co.uk
‘Regulators will conduct a review into whether enforcement action against management team should be taken “as early as possible next year.” ’
The Guardian, 19th November 2015
Source: www.guardian.co.uk
‘A report into the collapse of HBOS is due later and is expected to be critical of its former bosses.’
BBC News, 19th November 2015
Source: www.bbc.co.uk
‘Hundreds of firms are set to pursue claims against banks for mis-selling interest rate hedging products before the financial crash, in an area which could generate thousands of claims for compensation.’
Law Society’s Gazette, 27th October 2015
Source: www.lawgazette.co.uk
‘Bank Mellat is an Iranian bank, initially subjected to a 2009 order which prohibited anybody in the UK from dealing with it – until the Supreme Court quashed it: here, and my posts here and here. ‘
UK Human Rights Blog, 28th October 2015
Source: www.ukhumanrightsblog.com
‘Under sections 140A-140D of the Consumer Credit Act 1974 credit transactions may be re-opened as a matter of judicial discretion. These wide judicial powers were added to the Act in 2006 (and came into force on 6 April 2007) in substitution of the previous, more limited, “extortionate credit bargains” regime which had routinely failed to provide an effective remedy to borrowers and guarantors seeking to challenge the terms of their agreement with the lender.’
No. 5 Chambers, 3rd September 2015
Source: www.no5.com
‘On 13 August 2015 the Payment Systems Regulator (PSR) issued guidance on how it will apply its concurrent competition law powers in relation to participation in payment systems.’
Zenith Chambers, 26th September 2015
Source: www.zenithchambers.co.uk
‘The Competition and Markets Authority has backtracked on its pledge to publish the provisional findings of its investigation into the banking sector this month.’
Full story
The Guardian, 3rd September 2015
Source: www.guardian.co.uk
‘The Co-operative Bank has escaped a fine from regulators investigating the “failings” throughout 2009-13 that led to its bailout.’
BBC News, 11th August 2015
Source: www.bbc.co.uk
‘Former City trader Tom Hayes has been sentenced to 14 years in jail after becoming the first person to be convicted by a jury of rigging the Libor interest rate.’
The Guardian, 3rd August 2015
Source: www.guardian.co.uk
‘The jury in the trial of former trader Tom Hayes, who is charged with eight counts of conspiracy to defraud by manipulating global Libor interest rates, has retired to consider its verdict.’
The Guardian, 27th July 2015
Source: www.guardian.co.uk
‘Amongst the mass of regulatory measures introduced in recent times to prevent a repeat of the 2008 financial crisis, perhaps the most potent is that provided by section 36 of the Financial Services (Banking Reform) Act 2013, headed “Offence relating to a decision causing a financial institution to fail”. It comes into force on 7 March 2016.’
Hardwicke Chambers, 1st June 2015
Source: www.hardwicke.co.uk
‘For the immediate future, it is not difficult to identify likely, and plentiful, areas for banking litigation, especially with the ever growing presence of litigation funding making its mark. We identify a few below.’
11 Stone Buildings, June 2015
Source: www.11sb.com
‘The scandal which enveloped the Co-operative Bank was reawakened on Tuesday when the bank revealed it was facing fines from City regulators over the events that led to its near collapse two years ago.’
The Guardian, 23rd June 2015
Source: www.guardian.co.uk
‘Lloyds Banking Group has docked £350,000 from the bonus of its boss António Horta-Osório after being hit with a £117m fine for unacceptable handling of compensation claims for payment protection insurance.’
The Guardian, 5th June 2015
Source: www.guardian.co.uk
‘The Queen’s speech, which announces the Government’s agenda for the next five years, would not be the same without some proposals on immigration reform. We were not let down and the plan of attack will be a new Immigration Bill which will focus on illegal workers, overstayers and rogue employers.’
Halsbury’s Law Exchange, 3rd June 2015
Source: www.halsburyslawexchange.co.uk
Macris v Financial Conduct Authority [2015] EWCA Civ 490; [2015] WLR (D) 219
‘When determining whether, for the purposes of section 393 of the Financial Services and Markets Act 2000, “matters” in a notice issued by the Financial Conduct Authority as against a bank had “identified” a person who was not directly named, a simple objective test was to be applied.’
WLR Daily, 19th May 2015
Source: www.iclr.co.uk
‘A solicitor has been jailed for five and a half years for his role in a £4.3m land-banking scam.’
Legal Futures, 3rd June 2015
Source: www.legalfutures.co.uk
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