Tael One Partners Limited (Appellant) v Morgan Stanley & Co International PLC (Respondent) – Supreme Court
Supreme Court, 11th March 2015
Category: interest
European Commission fines broker in Libor cartel case – Zenith Chambers
‘The European Commission announced on 4 February that it fined the UK broker ICAP EUR 14.9 million for its role in allegedly facilitating cartel activity that manipulated the yen Libor interest rate.’
Full story (PDF)
Zenith Chambers, 6th February 2015
Source: www.zenithchambers.co.uk
Eclipse Film Partners No 35 LPP v Revenue and Customs Commissioners – WLR Daily
‘On the proper meaning and application of “trade” in sections 5 and 863(1) of the Income Tax (Trading and Other Income) Act 2005 and section 362 (1)(b) of the Income and Corporation Taxes Act 1988 the taxpayer carried on the business of exploiting films not amounting to a trade. Accordingly, the taxpayer’s members were not entitled to tax relief in respect of interest on their borrowings.’
WLR Daily, 17th February 2015
Source: www.iclr.co.uk
Court rules that West Brom tracker rate rise on buy-to-let mortgages was legal – Daily Telegraph
‘A judge has rejected claims that the lender illegally increased its tracker rates for buy-to-let customers.’
Daily Telegraph, 29th January 2015
Source: www.telegraph.co.uk
New payday loan rules to cap fees, total cost and default charges – The Guardian
‘The UK’s financial watchdog is clamping down on payday loans, with new rules to ensure that borrowers are never forced to repay more than twice the sum of their original loan.’
The Guardian, 11th November 2014
Source: www.guardian.co.uk
Causes of action in claims against banks for missold swaps: Bailey Trading v Barclays Bank – Hardwicke Chambers
‘Interest Rate Hedging Products (“IRHP”) are financial products that enable the purchaser to limit their exposure to interest rate movements. They are often purchased at the same time as entering into a loan.’
Hardwicke Chambers, 19th September 2014
Source: www.hardwicke.co.uk
Wonga TV ad banned for failing to show interest rate – BBC News
‘The Advertising Standards Authority has banned a TV advert by payday lender Wonga, after a complaint by a charity.’
BBC News, 8th October 2014
Source: www.bbc.co.uk
Payday lenders should wipe out loans in wake of Wonga ruling, experts say – The Guardian
‘Thousands of people who have taken out payday loans from firms other than Wonga should also have their interest and charges wiped out, say consumer and legal experts.’
The Guardian, 3rd October 2014
Source: www.guardian.co.uk
Attorney General’s keynote address to the 32nd Cambridge International Symposium on Economic Crime on Tuesday 2 September 2014 – Attorney General’s Office
‘A speech given by the Attorney General to the 32nd Cambridge International Symposium on Economic Crime – delivered on 1st September 2014 at Jesus College Cambridge.’
Attorney General’s Office, 5th September 2014
Source: www.gov.uk/ago
IRHPs Mis-selling Claims Update: Consequential Losses – No. 5 Chambers
‘In May 2013 nine banks (“the Banks”) agreed to review their sales to unsophisticated customers in accordance with terms of references agreed with the FCA. At the end of June 2014 the FCA reported that all participating banks had completed their sales reviews in relation to customers who joined the Review before March 2014. By the end of June 2014 the Banks had sent out 16,000 redress letters, 13,500 of which included a cash redress offer and with the balance of 2,500 confirming that the sale had been compliant with the (then) FSA rules or that the customer had suffered no loss. By the end of June 2014 8,000 customers had accepted their redress offers, and the Banks had paid out £1.2 billion.’
No. 5 Chambers, 19th August 2014
Source: www.no5.com
CoCos go pop – RPC Commercial Disputes Blog
‘In the wake of the banking crisis, the Financial Services Act 2012 gave the FCA a range of new and enhanced powers with which to pursue its regulatory objectives. Today, it has used – for the first time – one if its shiny new tools; the FCA has issued a Temporary Product Intervention Rule (TPIR).’
RPC Commercial Disputes Blog, 5th August 2014
Source: www.rpc.co.uk
FCA imposes cap on payday loans – The Guardian
‘The cap proposed by the Financial Conduct Authority means that if someone borrows £100 from a payday lender and pays it back within the agreed 30 days, they would pay a maximum of £24 in charges. Fees for late payment would be capped at £15, with a total price cap of 100% of the original loan to stop default charges spiralling out of control.’
The Guardian, 15th july 2014
Source: www.guardian.co.uk
Novoship (UK) Ltd and others v Nikitin and others – WLR Daily
Novoship (UK) Ltd and others v Nikitin and others [2014] EWCA 908; [2014] WLR (D) 297
‘The remedy of an account of profits was available against one who dishonestly assisted a fiduciary to breach his fiduciary obligations, even if that breach did not involve a misapplication of trust property.
WLR Daily, 4th July 2014
Source: www.iclr.co.uk
Littlewoods Retail Ltd and others v Revenue and Customs Commissioners (No 2) – WLR Daily
‘Sections 78 and 80 of the Value Added Tax Act 1994 could not be construed in such a way as to conform with European Union law and therefore had to be disapplied so as to allow the claimant companies to pursue their claims to recover the full value of overpaid value added tax.’
WLR Daily, 28th March 2014
Source: www.iclr.co.uk
Durkin (Appellant) v DSG Retail Ltd and another (Respondents) (Scotland) – Supreme Court
Durkin (Appellant) v DSG Retail Ltd and another (Respondents) (Scotland) [2014] UKSC 21 (YouTube)
Supreme Court, 26th March 2014
HMRC to appeal against high court award to Barclay brothers of £1.2bn – The Guardian
‘HM Revenue & Customs (HMRC) has insisted it will appeal against a high court decision to award Sir David and Sir Frederick Barclay’s Littlewoods catalogue shopping business £1.2bn in a top-up settlement relating to a long-running legacy VAT dispute.’
The Guardian, 28th March 2014
Source: www.guardian.co.uk
Quarter of payday lenders may quit under tougher rules – BBC News
‘One quarter of payday lenders may pull out of the market under pressure from new regulations. The Financial Conduct Authority (FCA) is to investigate the way they treat borrowers struggling to repay loans. It has said the review will be one of its first actions when it takes over regulation of the consumer credit sector on 1 April.’
BBC News. 12th March 2014
Source: www.bbc.co.uk
The Mis-Selling of Interest Rate Swaps – A Discussion – No. 5 Chambers
‘As many will be aware, the recent RBS swaps cases have thrown up interesting issues, including the proper characterization of legal duties owed by banks and other regulated firms, standard form limitation/exclusion terms, and Limitation Act problems. These issues are further complicated by the LIBOR manipulation points raised in Graisely Properties v Barclays.’
No. 5 Chambers, 24th February 2014
Source: www.no5.com
Sixty victims of loan sharks in witness protection – The Guardian
‘Sixty victims of loan sharks are in witness protection, according to the country’s leading official tasked with breaking the cycle of fear, intimidation and violence trapping families who have borrowed money from illegal lenders.’
The Guardian, 24th January 2014
Source: www.guardian.co.uk
High Court warns successful parties not to expect interest on pre-judgment costs – Litigation Futures
‘The High Court has given a strong steer that successful parties can rarely expect to recover interest on the fees they have already paid to their solicitors.’
Litigation Futures, 7th January 2014
Source: www.litigationfutures.com
