A case commentary from Jonathan Holsgrove: Marriage and beneficial interests in POCA – R v Thompson – Park Square Barristers

‘R v Thompson [2023] EWCA Crim 1244, saw the Court of Appeal deal with the issue of how to approach beneficial interests in property where the property is in the sole name of a defendant’s spouse.’

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Park Square Barristers, 14th November 2023

Source: www.parksquarebarristers.co.uk

Interest rate ‘rigger’ wins right to appeal in UK – BBC News

‘The first trader tried and jailed for “rigging” interest rates, Tom Hayes, has won the right to appeal his case after a six-year battle. Mr Hayes, who was sentenced to 11 years in jail in 2015, has been seeking a referral since 2017. He will now have his case referred back to the Court of Appeal.’

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BBC News, 7th July 2023

Source: www.bbc.co.uk

Interest on costs due on date of original £38m order, judge finds – Law Society’s Gazette

Posted July 3rd, 2023 in costs, interest, limitations, news, time limits by tracey

‘Interest on a £38 million costs order is due on the date of the original order and accrues from day to day thereafter, a judge has ruled followign a 10-year legal battle. The Honourable Mrs Justice Dias described the application before her in Deutsche Bank AG v Sebastian Holdings Inc as raising “a short but interesting point of statutory construction on which there is surprisingly no direct authority.”’

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Law Society's Gazette, 30th June 2023

Source: www.lawgazette.co.uk

Repayment prevented by sanctions – Law Society’s Gazette

Posted May 30th, 2023 in debts, interest, loans, news, repayment, Russia, sanctions by sally

‘In a novel application of the ancient equitable jurisdiction that protects a debtor’s right to redeem mortgaged property, after a short trial, Mr Justice Green granted Fortenova Grupa’s redemption action against LLC Shushary Holding – a subsidiary of VTB Bank PJSC, sanctioned in the UK, EU and US. The action concerned €1.157bn of senior secured floating rate notes issued by Fortenova and due to mature in September 2023; 38% of the notes were owned by Shushary.’

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Law Society's Gazette, 26th May 2023

Source: www.lawgazette.co.uk

The whistleblowing bankers who were sent to jail – BBC News

Posted March 1st, 2022 in banking, fraud, interest, news, whistleblowers by sally

‘Two traders jailed for rigging interest rates were the original whistleblowers of the scandal, the BBC has learned.’

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BBC News, 1st March 2022

Source: www.bbc.co.uk

No interest on general damages in police actions – UK Police Law Blog

Posted February 23rd, 2021 in damages, interest, news, police by tracey

‘The Court of Appeal has reiterated, in Rees v Commissioner of Police of the Metropolis [2021] EWCA Civ 49, that since non-pecuniary damages in civil claims against the police. e.g. for loss of liberty, or distress and inconvenience, are generally assessed by reference to all matters leading up to the judgment, there will usually be no need for an additional award of interest. A substantial award of exemplary damages – £150,000, split between three claimants, was upheld on the basis that the case had involved an egregious prosecution set in motion by an officer of very senior rank (a Detective Chief Superintendent).’

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UK Police Law Blog, 22nd February 2021

Source: ukpolicelawblog.com

New rules promise clarity on issue of interest in Part 36 offers – Law Society’s Gazette

Posted February 4th, 2021 in amendments, civil procedure rules, interest, news, part 36 offers by sally

‘Legislation to give litigators certainty about the issue of Part 36 offers and interest is to be introduced this spring, the government has announced. The rule change, effective from 6 April, is one of a raft of amendments to the civil procedure rules published yesterday as statutory instruments.’

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Law Society's Gazette, 2nd February 2021

Source: www.lawgazette.co.uk

CA: Judge was wrong not to order all of part 36 enhanced awards – Litigation Futures

Posted November 18th, 2020 in appeals, costs, indemnities, interest, news, part 36 offers, telecommunications by sally

‘Making one of the four enhanced awards of beating a part 36 offer does not “in any way” undermine or lessen entitlement to the others, the Court of Appeal has ruled.’

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Litigation Futures, 18th November 2020

Source: www.litigationfutures.com

SONIA and the ‘Tough Legacy’ of LIBOR – Henderson Chambers

‘At the end of 2021 the London Interbank Offered Rate (LIBOR) will be discontinued. In its place the Financial Conduct Authority is proposing a different rate to become the market standard, the Sterling Overnight Index Average (SONIA). What is the impact of LIBOR’s discontinuance on regulated credit agreements? How might regulated lenders approach a transfer to SONIA? Will the Government legislate to assist with the change?’

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Henderson Chambers, 7th October 2020

Source: www.hendersonchambers.co.uk

Watchdog warns UK high-cost lenders about exploitation – The Guardian

Posted August 7th, 2020 in advertising, complaints, consumer protection, debts, interest, loans, news, ombudsmen by sally

‘The UK’s financial watchdog has warned high-cost lenders about irresponsible repeat lending and exploitative marketing that risks pushing vulnerable borrowers into a cycle of debt.’

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The Guardian, 6th August 2020

Source: www.theguardian.com

Three Month Moratorium on Consumer Credit Debts – Henderson Chambers

‘The Covid-19 crisis has led the Financial Conduct Authority to issue authoritative guidance to consumer credit lenders which will oblige them to grant a three month moratorium on debts and to reduce interest costs.’

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Henderson Chambers, 9th April 2020

Source: 3yf6pp3bqg8c3rycgf1gbn9w-wpengine.netdna-ssl.com

FCA: credit card firms must stop suspending all users in debt spiral – The Guardian

Posted February 4th, 2020 in consumer credit, debts, financial regulation, interest, news by sally

‘Britain’s financial watchdog has warned credit card firms against the blanket suspension of cards of consumers who are stuck in a debt spiral, telling them to reduce or waive interest and other charges instead.’

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The Guardian, 3rd February 2020

Source: www.theguardian.com

Default Interest? That is just under 290% p.a. – KCH Garden Sq

Posted January 22nd, 2020 in interest, loans, news, repossession by sally

‘An interesting part of my work involves advising and appearing in cases in which there are loans from companies that specialise in loans to “distressed borrowers”. I have acted both for and against loan companies in that area of business, and so I have been able to see the issues from both sides.’

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KCH Garden Sq, 16th January 2020

Source: kchgardensquare.co.uk

Part 36 offers made exclusive of interest not valid, Court of Appeal rules – Local Government Lawyer

Posted January 21st, 2020 in civil procedure rules, costs, interest, news, part 36 offers by sally

‘It is not possible to make a valid Part 36 offer exclusive of interest either generally or in the context of detailed assessment proceedings, the Court of Appeal has ruled in a case involving a local authority.’

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Local Government Lawyer, 20th January 2020

Source: www.localgovernmentlawyer.co.uk

Banking litigators eye disputes from LIBOR change – Litigation Futures

Posted January 8th, 2020 in banking, class actions, contracts, interest, news, shareholders by sally

‘The replacement of LIBOR and the growth in class actions are set to come to the fore for banking litigators, according to specialist solicitors.’

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Litigation Futures, 7th January 2020

Source: www.litigationfutures.com

Part 36 offers cannot exclude interest to be valid – Litigation Futures

Posted December 20th, 2019 in appeals, civil procedure rules, costs, interest, news, part 36 offers by tracey

‘Part 36 offers which specifically exclude interest are not valid, the Court of Appeal has ruled – but one of the judges said this should be reconsidered.’

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Litigation Futures, 19th December 2019

Source: www.litigationfutures.com

‘Mortgage prisoners’ sue over ‘unfair’ rates – BBC News

Posted December 18th, 2019 in compensation, interest, mortgages, news by sally

‘Mortgage borrowers “unfairly trapped” on high interest rates when their lenders were nationalised are launching legal action against the companies they say are responsible.’

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BBC News, 18th December 2019

Source: www.bbc.co.uk

Follower notices invalid, says Court of Appeal – OUT-LAW.com

‘The Court of Appeal in England has quashed follower notices issued to a participant in a film partnership on the basis that tax authority HM Revenue & Customs (HMRC) could not have been of the opinion that the judicial ruling they were based on was relevant to the taxpayer’s case.’

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OUT-LAW.com, 14th November 2019

Source: www.pinsentmasons.com

Defendant pays an extra £65,000 after fractional Part 36 defeat – Law Society’s Gazette

Posted November 15th, 2019 in contracts, costs, damages, interest, news, part 36 offers by tracey

‘A losing party has been ordered to pay an extra £65,000 after declining to settle a case over a difference amounting to less than £5,000.’

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Law Society's Gazette, 15th November 2019

Source: www.lawgazette.co.uk

Libor rigging inquiry shut down by Serious Fraud Office – BBC News

‘An investigation into the rigging of Libor, the benchmark interest rate that tracks the cost of borrowing cash, has been unexpectedly closed.’

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BBC News, 19th October 2019

Source: www.bbc.co.uk