Financial crisis: £50,000 in savings to be repaid if your bank fails – Daily Telegraph

Posted October 1st, 2008 in banking, news by sally

“Savers will be guaranteed that at least £50,000 of their money will be repaid if their bank collapses, under plans to be unveiled by the Government.”

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Daily Telegraph, 1st October 2008

Source: www.telegraph.co.uk

Bankers could sue if FSA action leads to slashed bonuses – OUT-LAW.com

Posted September 26th, 2008 in banking, news, remuneration by sally

“Bankers could sue their employers if their bonuses are cut in the aftermath of the financial meltdown of the past 10 days, according to one employment law expert who said City workers have a ‘significant expectation’ of large bonuses.”

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OUT-LAW.com, 24th September 2008

Source: www.out-law.com

Falconer: Lehman collapse to trigger wave of ‘mega disputes’ – The Times

Posted September 18th, 2008 in banking, news by sally

“The collapse of Lehman Brothers in an already struggling world economy will trigger an explosion of ‘mega litigation’ according to the former Lord Chancellor, Lord Falconer of Thoroton.”

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The Times, 18th September 2008

Source: www.timesonline.co.uk

Morgan Stanley faces £9m lawsuit over failed Irish mortgage venture – The Times

Posted August 21st, 2008 in banking, news by sally

“Morgan Stanley is facing a €12 million (£9 million) legal action after turmoil in credit markets forced the investment bank to abandon plans to enter the Irish mortgage market.”

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The Times, 19th August 2008

Source: www.timesonline.co.uk

Bank charges: Complaints waiver extended – The Guardian

Posted July 21st, 2008 in banking, news by sally

“Banks will not have to consider giving refunds to customers who complain about unauthorised charges for at least six months, the City watchdog said today.”

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The Guardian, 21st July 2008

Source: www.guardian.co.uk

Office of Fair Trading threatens banks over current account charges – The Times

Posted July 16th, 2008 in banking, competition, news by sally

“The Office of Fair Trading (OFT) today threatened to report banks to the Competition Commission after finding that the current account market did not offer good value for customers.”

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The Times, 16th July 2008

Source: www.timesonline.co.uk

UBS fails in bid to fight sub-prime lawsuit in London – The Times

Posted July 9th, 2008 in banking, fraud, jurisdiction, news by sally

“The Swiss bank has been told by the High Court that it must defend itself against a £100m lawsuit in the US, not in London.”

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The Times, 8th July 2008

Source: www.timesonline.co.uk

Clerk jailed for £72m bank fraud – BBC News

Posted July 7th, 2008 in banking, news, sentencing, theft by sally

“A bank clerk who tried to steal almost £72m from the HSBC bank has been jailed for nine years.”

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BBC News, 7th July 2008

Source: www.bbc.co.uk

Lancore Services Ltd v Barclays Bank plc – WLR Daily

Posted July 2nd, 2008 in banking, law reports, letters of credit by sally

Lancore Services Ltd v Barclays Bank plc [2008] EWHC 1264 (Ch); [2008] WLR (D) 214

“The implication of a temporal limitation upon the right of a merchant acquirer to withhold payment to a merchant for goods and services provided by a third party was not permissible and would go far beyond any acceptable process of implication or construction.”

WLR Daily, 1st July 2008

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.

Northern Rock considers legal action against former board – The Times

Posted June 18th, 2008 in banking, nationalisation, news by sally

“Northern Rock has confirmed that its new bosses have launched an investigation into whether legal action can be taken against the now-nationalised bank’s former board.”

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The Times, 18th June 2008

Source: www.timesonline.co.uk

High Court pressed for early hearing on Rock shareholders’ battle with Treasury – The Times

Posted June 9th, 2008 in banking, nationalisation, news by sally

“The Government has called for an early hearing of the court case in which Northern Rock shareholders are suing the Treasury over the nationalisation of the bank, The Times has learnt.”

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The Times, 7th June 2008

Source: www.timesonline.co.uk

Competition Commission looks into banks’ payment protection – The Times

Posted June 6th, 2008 in banking, competition, consumer protection, insurance, news by sally

“Banks that have sold payment protection insurance (PPI) could face a wave of compensation claims after the Competition Commission said that 14 million consumers had been overcharged by an estimated £1.4 billion, or an average of £100 a year.”

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The Times, 6th June 2008

Source: www.timesonline.co.uk

Barclays bank rejects customers to comply with US terror law – The Times

Posted June 6th, 2008 in banking, news, terrorism by sally

“Barclays is using controversial American anti-terrorism laws to shut down the personal bank accounts of British citizens who are working for Iranian-owned businesses …”

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The Times, 6th June 2008

source: www.timesonline.co.uk

Treasury picks trio of QCs to fight Rock case – The Times

Posted June 5th, 2008 in banking, barristers, nationalisation, news by sally

“The Government has lined up three of the highest-paid QCs in the country after deciding to try to force an early High Court hearing with disgruntled Northern Rock shareholders who are suing the Treasury over the nationalisation of the bank, The Times has learnt.”

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The Times, 4th June 2008

Source: www.timesonline.co.uk

Office of Fair Trading raids bank offices as part of price-fixing inquiry – The Times

Posted June 3rd, 2008 in banking, news, price fixing by sally

“The Office of Fair Trading conducted a series of dawn raids at offices of Barclays and Royal Bank of Scotland (RBS) as part of an investigation into price-fixing on loans to lawyers and accountancy firms.”

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The Times, 3rd June 2008

Source: www.timesonline.co.uk

Banks may appeal charges ruling – The Guardian

Posted May 21st, 2008 in banking, news by sally

“Current account providers are to appeal a court ruling over overdraft charges that looked set to allow consumers to reclaim billions of pounds, it was reported today.”

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The Guardian, 21st May 2008

Source: www.guardian.co.uk

Why we need a banking bill – The Guardian

Posted May 15th, 2008 in banking, news by sally

“The banking reform bill announced by Gordon Brown today (14 May) was prompted by the collapse of Northern Rock, which exposed significant problems with the current system.”

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The Guardian, 14th May 2008

Source: www.guardian.co.uk

Rock shareholders begin legal bid – BBC News

Posted May 8th, 2008 in banking, compensation, nationalisation, news by sally

“Shareholders in nationalised bank Northern Rock are launching a court challenge over compensation they are due to receive.”

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BBC News, 8th May 2008

Source: www.bbc.co.uk

Office of Fair Trading v Abbey National plc and Others – Times Law Reports

Posted April 29th, 2008 in banking, consumer protection, contracts, law reports by sally

Office of Fair Trading v Abbey National plc and Others

Queen’s Bench Division

“Terms in standard form contracts between bank and customer providing for relevant charges were not exempt from assessment as to fairness.”

The Times, 29th April 2008

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.

‘Fear keeps you on your toes’ – The Times

Posted April 29th, 2008 in banking, barristers, special report by sally

” The commercial court of Mr Justice Andrew Smith was stuffed with barristers last Thursday, but one QC was the main focus of attention. The case was the challenge to bank charges that could affect every bank current account holder in Britain. At the original hearing in February, Laurence Rabinowitz represented the Royal Bank of Scotland, one of eight lenders accused of levying unfair overdraft charges. It also fell to him to put the lead argument to the court for all the banks, saying that the alternative would be to charge on every transaction.”

Full story

The Times, 29th April 2008

Source: www.timesonline.co.uk