Category: banking

Ing Bank NV v Ros Roca SA – WLR Daily

Posted April 5th, 2011 in appeals, banking, estoppel, fees, law reports by sally

Ing Bank NV v Ros Roca SA [2011] EWCA Civ 353; [2011] WLR (D) 122

“A shared assumption on the facts surrounding a disputed fee agreement between a company and a bank acting as financial adviser, which was not reflected in the agreement, that the fees would not be calculated with reference to a particular ratio mentioned in the agreement, was enough to found an estoppel by convention so as to prevent the bank claiming a fee based on the disputed ratio.”

WLR Daily, 31st March 2011

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.

Tchenguiz brothers can sue Iceland’s Kaupthing Bank – BBC News

Posted March 17th, 2011 in banking, damages, news, striking out by sally

“A High Court judge has ruled that the Tchenguiz brothers can sue Kaupthing Bank for £1bn ($1.6bn) damages.”

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BBC News, 16th March 2011

Source: www.bbc.co.uk

Court of appeal clears bankers to sue Commerzbank over bonuses – The Guardian

Posted March 9th, 2011 in banking, contracts, news, remuneration by sally

“The court of appeal yesterday cleared the way for more than 100 investment bankers to sue Commerzbank over unpaid bonuses in one of the highest profile cases to emerge from the financial crisis.’

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The Guardian, 8th March 2011

Source: www.guardian.co.uk

Home owners receive compensation after they were sold mortgages they couldn’t afford – Daily Telegraph

Posted February 22nd, 2011 in banking, compensation, financial regulation, fines, mortgages, news by sally

“Home owners who were sold mortgages during the property boom that they couldn’t afford are to be given compensation following a ruling by the City watchdog.”

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Daily Telegraph, 22nd February 2011

Source: www.telegraph.co.uk

Financial watchdogs get new powers – The Guardian

Posted February 17th, 2011 in banking, competition, consumer protection, financial regulation, news by sally

“Investors and consumers will be given greater protection by new financial watchdogs which will have the power to ban retail products and reveal pending enforcement actions against banks and brokers.”

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The Guardian, 17th February 2011

Source: www.guardian.co.uk

Credit and debit card surcharges ‘are excessive’ – BBC News

Posted February 11th, 2011 in banking, complaints, consumer credit, consumer protection, news by sally

“A super-complaint is to be launched about the ‘murky practice’ of surcharges levied on customers who pay by debit or credit card.”

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BBC News, 11th February 2011

Source: www.bbc.co.uk

Law firm not liable to loan losses, says appeal court – Law Society’s Gazette

Posted February 3rd, 2011 in banking, damages, negligence, news, solicitors, ultra vires by sally

“A law firm that gave negligent advice to a bank before the bank lost £28m in loans advanced to two local authorities does not have to reimburse those losses, the Court of Appeal ruled last week.”

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Law Society’s Gazette, 3rd February 2011

Source: www.lawgazette.co.uk

Haugesund Kommune and another v DEPFA ACS Bank (Wikborg Rein & Co, Part 20 defendants) – WLR Daily

Posted February 1st, 2011 in banking, damages, law reports, negligence, solicitors, ultra vires by sally

Haugesund Kommune and another v DEPFA ACS Bank (Wikborg Rein & Co, Part 20 defendants) [2011] EWCA Civ 33; [2011] WLR (D) 25

“A firm of solicitors which erroneously advised a bank that municipalities would not be acting ultra vires if they entered into a swap arrangement with the bank was not liable for the losses resulting from the municipalities’ inability to make restitution once the void nature of the swap agreement came to light. Despite their negligence in relation to the vires of the municipalities, the solicitors had taken no responsibility for their creditworthiness or good faith or for the fact that the bank could not lawfully obtain execution against them when they defaulted on the arrangement.”

WLR Daily, 31st January 2011

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.

Banks launch PPI challenge in high court – The Guardian

Posted January 25th, 2011 in banking, complaints, consumer protection, insurance, news by sally

“High street banks will launch a high court challenge today against rules controlling their handling of complaints about payment protection insurance (PPI).”

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The Guardian, 25th January 2011

Source: www.guardian.co.uk

Goldman Sachs fined £20m by FSA – The Guardian

Posted September 9th, 2010 in banking, financial regulation, fines, news by sally

“The Financial Services Authority has fined Goldman Sachs £20m after the investment bank failed to tell the regulator a member of staff at the centre of fraud charges in the US was working in the UK.”

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The Guardian, 9th September 2010

Source: www.guardian.co.uk

RBS handed FSA’s biggest fine for money laundering lapses – The Guardian

Posted August 3rd, 2010 in banking, financial regulation, money laundering, news by sally

“Royal Bank of Scotland has been fined £5.6m by the Financial Services Authority for failing to adequately screen customers and payments to prevent its banks – RBS, NatWest, Ulster Bank and Coutts – from being used for money laundering or the financing of terrorist activities.”

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The Guardian, 3rd August 2010

Source: www.guardian.co.uk

Mond and another v MBNA Europe Bank Ltd – WLR Daily

Posted July 19th, 2010 in banking, debts, individual voluntary arrangements, insolvency, law reports by sally

Mond and another v MBNA Europe Bank Ltd [2010] EWHC 1710 (Ch); [2010] WLR (D) 190

“Clause 13.2 of the IVA Protocol, as well as clause 13.1, should not be construed as permitting a creditor bound by the Protocol to vote against an individual voluntary arrangement (‘IVA’) proposal only if he has good reason to do so.”

WLR Daily, 16th 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.

FSA to seek exemption for the City from from tough EU rules on bankers’ pay – Daily Telegraph

Posted July 8th, 2010 in banking, EC law, financial regulation, news, remuneration by sally

“The City watchdog is considering whether Britain can claim exemption from European laws that will introduce the toughest pay restrictions in the world.”

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Daily Telegraph, 7th July 2010

Source: www.telegraph.co.uk

Government overhaul of financial regulation creates dangers, say experts – OUT-LAW.com

Posted June 18th, 2010 in banking, financial regulation, insurance, news by sally

“Plans for the shake-up of financial services regulation announced by UK Chancellor George Osborne last night raise more questions than answers, according to banking and financial legal experts.”

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OUT-LAW.com, 17th June 2010

Source: www.out-law.com

Bank Mellat v HM Treasury – WLR Daily

Posted June 16th, 2010 in banking, Iran, law reports, nuclear weapons, proportionality, terrorism by sally

Bank Mellat v HM Treasury [2010] EWHC 1332 (QB); [2010] WLR (D) 148

“The powers conferred on HM Treasury by Sch 7 to the Counter-Terrorism Act 2008 to give directions by order to persons operating in the United Kingdom financial sector could be lawfully exercised without allowing persons likely to be adversely affected by the order an opportunity to make prior representations; and the test of proportionality applied by para 9(6) of Sch 7 to the requirements imposed by such a direction was to be interpreted consistently with the jurisprudence of the European Court of Human Rights, according to which the means used did not always have to be limited to the minimum necessary to accomplish the legislative objective.”

WLR Daily, 15th June 2010

Source: www.lawreports.co.uk

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

Brazzill and others v Willoughby and others – WLR Daily

Posted June 3rd, 2010 in administration orders, appeals, banking, insolvency, law reports by sally

Brazzill and others v Willoughby and others [2010] EWCA Civ 561; [2010] WLR (D) 140

“A segregated trust account was held on trust for all account holders of a bank in respect of whose deposits should have been made into the account in accordance with a notice served by the Financial Services Authority (‘FSA’) and was not limited to those account holders in respect of whose accounts payments were in fact made into the account. ‘Deposits’ had its regulatory meaning which meant it was limited to regulated depositors only.”

WLR Daily, 28th May 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.

Competition Commission confirms ban on point-of-sale PPI – The Guardian

Posted May 14th, 2010 in banking, competition, consumer protection, insurance, news by sally

“Watchdog rejects appeal, saying ruling will bring more choice and cheaper rates to payment protection insurance market.”

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The Guardian, 14th May 2010

Source: www.guardian.co.uk

In re Kaupthing Singer & Friedlander Ltd (in administration) – WLR Daily

Posted May 13th, 2010 in administration orders, appeals, banking, debts, insolvency, law reports, set-off by sally

In re Kaupthing Singer & Friedlander Ltd (in administration) [2010] EWCA Civ 518; [2010] WLR (D) 119

“After the set-off of cross-claims as between a company in administration and one of its creditors, the balance payable by a creditor to the company under r 2.85(8) of the Insolvency Rules 1986 in respect of a future debt was not to be a sum discounted to present value under r 2.105 but was to be an equivalent undiscounted amount.”
WLR Daily, 11th May 2010
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

FSA set to fine two banks for mishandling customer complaints – Daily Telegraph

Posted April 28th, 2010 in banking, complaints, financial regulation, fines, news by sally

“Two banks face a financial penalty for poor complaints handling after the Financial Services Authority (FSA) identified weaknesses in how they handled customer problems.”

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Daily Telegraph, 28th April 2010

Source: www.telegraph.co.uk

Trader wins £1.4m bank bonus case – The Independent

Posted April 23rd, 2010 in appeals, banking, contract of employment, news by sally

“Three judges today awarded a London trader the £1.4 million bonus he was denied by his Dutch bank employers.”

Full story

The Independent, 23rd April 2010

Source: www.independent.co.uk