‘Following an eight week trial in late 2018, the High Court has handed down judgment finding against the former majority shareholders of Russia’s National Bank Trust who were alleged to have misappropriated over $1billion of Bank funds via a sophisticated network of offshore companies.’
Wilberforce Chambers, 27th January 2020
Source: www.wilberforce.co.uk
‘The replacement of LIBOR and the growth in class actions are set to come to the fore for banking litigators, according to specialist solicitors.’
Litigation Futures, 7th January 2020
Source: www.litigationfutures.com
‘A former member of the Bank of England has called for the resignation of its chief operating officer after it emerged an audio feed of sensitive information had been leaked to traders.’
BBC News, 19th December 2019
Source: www.bbc.co.uk
‘Last week, the National Crime Agency deployed account freezing orders to secure £190 million held in the UK. Malik Riaz, a property developer and one of the biggest employers in Pakistan, reportedly agreed to pay £190 million in order to conclude an investigation into the funds[1]. The agreement followed the obtaining, in August 2019, of eight account freezing orders at Westminster City Magistrates’ Court in connection with funds held in the UK totalling around £120 million (the final settlement includes a UK property valued at £50 million). The assets are to be returned to the State of Pakistan.’
Doughty Street Chambers, 10th December 2019
Source: insights.doughtystreet.co.uk
‘Byron James, Partner and Head of Expatriate Law in Dubai, explains the challenges presented to family lawyers by the effective method of anonymous international money transfer system used around the world.; why and what family practitioners should know about it.’
Family Law Week, 20th November 2019
Source: www.familylawweek.co.uk
‘In Barclays Bank plc v Quincecare Ltd [1992] 4 All ER, Steyn J held that it was an implied term of the contract between a bank and a customer that the bank would use reasonable care and skill in and about executing the customer’s order. This term would be breached if the bank executed the order knowing it to be dishonestly given, or shut its eyes to the obvious fact of the dishonesty, or acted recklessly in failing to make such enquiries as an honest and reasonable man would make. In order to comply with that term, the bank should refrain from executing a customer’s order if and for so long as it was put on inquiry by having reasonable grounds for believing that the order was an attempt to misappropriate funds.’
Forum Chambers, 19th November 2019
Source: www.forumchambers.com
‘Thousands of shareholders in Lloyds Banking Group have lost a multimillion pound legal battle against the bank over its takeover of HBOS at the height of the global financial crisis.’
The Guardian, 15th November 2019
Source: www.theguardian.com
‘Bank transfer scam victims risk being left unprotected from January after the industry failed to agree a plan to compensate people. More than £1m a day is being lost to scams in which people are duped into authorising a payment to an account controlled by a criminal. The failure to agree a protection plan may make it more likely that the next government will step in.’
The Guardian, 15th December 2019
Source: www.theguardian.com
‘There is a “Happy Halloween” present from the Supreme Court for commercial fraud claimant litigators. In the important case of Singularis Holdings Ltd (In Official Liquidation) -v- Daiwa Capital Markets Europe Ltd [2019] UKSC 50, handed down on 30 October 2019, the Supreme Court has upheld the existence of a bank’s Quincecare duty of care, even where the instructions which resulted in a claimant company being defrauded was given by that company’s sole director and controlling mind, and have also finally laying to rest the much criticised case of Stone & Rolls Ltd v Moore Stephens [2009] UKHL 39; [2009] 1 AC 1391 that had been used to attribute the fraud of a director of a one-man company to the company itself.’
39 Essex Chambers, 31st October 2019
Source: www.39essex.com
‘An implied term of the contract between a bank and its customer is that the bank owes a duty of care not to execute the customer’s order if it knows the order to be dishonestly given, or shuts its eyes to obvious dishonesty, or acts recklessly in failing to make inquiries. This is known as the Quincecare duty of care, following the 1992 case of Barclays Bank plc v Quincecare Ltd.’
UKSC Blog, 30th October 2019
Source: ukscblog.com
‘As part of my series on AFO’s I am going to discuss what accounts can be frozen by Account Freezing Orders (‘AFO’s). Although the requirements under section 303Z5 setting out what a bank is seem straightforward, it can be hard in practice to determine when a bank account is not a bank account. It has, in my experience, caused a number of AFO’s to be discharged; this is where orders have frozen Forex trading accounts, ISA fund accounts, or other accounts which contain money but do not.’
Drystone Chambers, October 2019
Source: drystone.com
‘An investigation into the rigging of Libor, the benchmark interest rate that tracks the cost of borrowing cash, has been unexpectedly closed.’
BBC News, 19th October 2019
Source: www.bbc.co.uk
‘The issue in this appeal was whether a movement of capital between the United Kingdom and Jersey should be regarded as an internal transaction taking place within a single member state for the purposes of article 56 of the Treaty Establishing the European Community; and if not, whether the refusal of relief under section 23 in respect of the gift to the Coulter Trust is justifiable under EU law.’
UKSC Blog, 16th October 2019
Source: ukscblog.com
‘The Supreme Court has granted Mastercard permission to appeal against the Court of Appeal ruling that kept the massive £14bn class action over interchange fees alive.’
Litigation Futures, 8th October 2019
Source: www.litigationfutures.com
‘The Supreme Court will rule on a landmark case that will test the standards applied to a Collective Proceedings Order in a major competition claim. Permission has been granted for the defendant in Merricks v Mastercard Incorporated & Anor to bring its appeal against a Court of Appeal ruling from April this year.’
Law Society's Gazette, 4th October 2019
Source: www.lawgazette.co.uk
‘It is a truism that Brexit will have a significant impact on banks and the wider financial services industry. The loss of passports by UK firms has received some attention from the non-specialist media, and is relatively well-understood. However, the loss of passports, significant as it is, is just one of many issues. Others have received no or little coverage outside the industry. In this blog, we will touch upon some of them. To do so, we need to step back and consider the very legal nature of a bank.’
OUP Blog, 30th September 2019
Source: blog.oup.com
‘The amount of money stolen by criminals through bank transfer scams has risen by 40% in a year and is running at more than £1m a day, according to official UK data.’
The Guardian, 26th September 2019
Source: www.theguardian.com
‘A banker’s wife who spent £16million during a series of shopping sprees in Harrods has escaped extradition back to Azerbaijan on fraud charges.’
Daily Telegraph, 26th September 2019
Source: www.telegraph.co.uk
‘A couple who made a fortune bankrupting companies to fund their lavish lifestyle have today been ordered to repay more than £10million.’
Crown Prosecution Service, 12th September 2019
Source: www.cps.gov.uk
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