The whistleblowing bankers who were sent to jail – BBC News
‘Two traders jailed for rigging interest rates were the original whistleblowers of the scandal, the BBC has learned.’
BBC News, 1st March 2022
Source: www.bbc.co.uk
Category: interest
No interest on general damages in police actions – UK Police Law Blog
‘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).’
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
‘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.’
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
‘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.’
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?’
Henderson Chambers, 7th October 2020
Source: www.hendersonchambers.co.uk
Watchdog warns UK high-cost lenders about exploitation – The Guardian
‘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.’
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.’
Henderson Chambers, 9th April 2020
FCA: credit card firms must stop suspending all users in debt spiral – The Guardian
‘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.’
The Guardian, 3rd February 2020
Source: www.theguardian.com
Default Interest? That is just under 290% p.a. – KCH Garden Sq
‘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.’
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
‘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.’
Local Government Lawyer, 20th January 2020
Source: www.localgovernmentlawyer.co.uk
Banking litigators eye disputes from LIBOR change – Litigation Futures
‘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
Part 36 offers cannot exclude interest to be valid – Litigation Futures
‘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.’
Litigation Futures, 19th December 2019
Source: www.litigationfutures.com
‘Mortgage prisoners’ sue over ‘unfair’ rates – BBC News
‘Mortgage borrowers “unfairly trapped” on high interest rates when their lenders were nationalised are launching legal action against the companies they say are responsible.’
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.’
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
‘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.’
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.’
BBC News, 19th October 2019
Source: www.bbc.co.uk
Wonga customers’ average compensation payout may be just £118 – The Guardian
‘Customers who were mis-sold loans by the collapsed payday lender Wonga are expected to receive less than 10% of what they are owed in compensation after administrators revealed that only £41m will be put aside for claimants.’
The Guardian, 9th October 2019
Source: www.theguardian.com
Gauke sets new discount rate at -0.25% – Litigation Futures
‘Lord Chancellor David Gauke announced this morning that he is to change the personal injury discount rate from -0.75% to -0.25%, a lower figure than was widely anticipated.’
Litigation Futures, 15th July 2019
Source: www.litigationfutures.com
Payday lenders being ‘bombarded’ by spurious claims – The Guardian
‘Compensation claims management firms looking for the next big earner after the PPI scandal have been accused of bombarding the much-criticised payday lending sector with complaints that are often spurious and sometimes without the knowledge of borrowers.’
The Guardian, 10th June 2019
Source: www.theguardian.com
HMRC wins ‘unallowable purpose’ case – OUT-LAW.com
‘A UK company had an “unallowable purpose” in issuing a promissory note and therefore could not deduct the interest payable to a US group company, the First-tier Tribunal in the UK has decided in a case concerning a company in the Oxford Instruments group.’
OUT-LAW.com, 30th May 2019
Source: www.out-law.com
