Serious Fraud Office launches Libor investigation – BBC News

Posted July 6th, 2012 in banking, fraud, interest, news, Serious Fraud Office by tracey

“The Serious Fraud Office (SFO) has confirmed that it has formally launched a criminal investigation into the rigging of inter-bank lending rates.”

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BBC News, 6th July 2012

Source: www.bbc.co.uk

Attorney general steps in to caution against speedy banking inquiry – The Guardian

Posted July 5th, 2012 in banking, financial regulation, inquiries, interest, news by sally

“Britain’s most senior law officer has appeared to undermine the government’s own argument that any inquiry into the current banking scandal needed to happen as quickly as possible.”

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The Guardian, 5th July 2012

Source: www.guardian.co.uk

David Cameron announces an inquiry into the banking sector – BBC News

Posted July 2nd, 2012 in banking, fraud, inquiries, interest, news, prosecutions by sally

“Prime Minister David Cameron has announced a parliamentary review of the banking sector in the wake of the Barclays inter-bank lending furore.”

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BBC News, 2nd July 2012

Source: www.bbc.co.uk

High street banks agree to payouts for mis-selling financial products – The Guardian

“Banks faced fresh criticism about their treatment of customers on Friday after the Financial Services Authority said the big four high street banks – Barclays, RBS, Lloyds and HSBC – might need to compensate small business customers.”

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The Guardian, 29th June 2012

Source: www.guardian.co.uk

Pressure grows for those involved in interest-rate fixing to be prosecuted – The Independent

Posted July 2nd, 2012 in banking, conspiracy, fraud, inquiries, interest, news, prosecutions by sally

“Pressure was growing yesterday for the bankers involved in interest-rate fixing to face criminal charges.”

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The Independent, 2nd July 2012

Source: www.independent.co.uk

UK Uncut makes high court challenge to Goldman Sachs tax deal – The Guardian

Posted June 13th, 2012 in banking, interest, judicial review, national insurance, news, tax avoidance by sally

“A deal worth at least £10m between banking giant Goldman Sachs and the head of HM Revenue and Customs is set to be challenged in the high court on Wednesday by tax-avoidance campaign group, UK Uncut Legal Action.”

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The Guardian, 13th June 2012

Source: www.guardian.co.uk

Broken promises? Sale and rent back is no answer to a mortgage – Hardwicke Chambers

“Owner occupiers unable to afford their mortgages have sometimes entered into sale and rent back arrangements (‘SRBs’). Under a SRB, the house is sold, often at a discount, but the vendor remains in occupation under a lease granted by the purchaser. According to a 2008 OFT study, even though SRBs were a relatively new phenomenon there had been about 50,000 of them. At that time the SRB market was unregulated. The FSA began to regulate it in 2009. According to a recent FSA press release, ‘the entire SRB market is temporarily shut’. Nevertheless, it is apparent that many tens of thousands of SRBs must have taken place by now.”

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Hardwicke Chambers, 24th May 2012

Source: www.hardwicke.co.uk

Court of Appeal decides interest on costs argument – 4 New Square

Posted February 20th, 2012 in costs, county courts, interest, local government, news by sally

“This morning (16th February 2012) the Court of Appeal handed down judgment in the case of Simcoe v Jacuzzi Group UK PLC. The case is, in effect, the appeal against HHJ Stewart QC’s judgment in Gray v Toner (Liverpool County Court, 11th November 2010) and provides the answer to the questions which have bedevilled detailed assessments for the last 18 months or so – from what date does interest on costs usually run and does the fact the Claimant was on a CFA provide a reason to not award interest until the costs are assessed”

Full story (PDF)

4 New Square, 16th February 2012

Source: www.4newsquare.com

Simcoe v Jacuzzi UK Group plc – WLR Daily

Posted February 20th, 2012 in civil procedure rules, costs, county courts, interest, law reports by sally

Simcoe v Jacuzzi UK Group plc [2012] EWCA Civ 137; [2012] WLR (D) 35

“The date from which interest ran on an award of costs in the county court in favour of a successful litigant was, by reason of article 2 of the County Court (Interest on Judgment Debts) Order 1991, the date the order for costs was made, not the date on which costs were assessed or agreed. The discretion granted in making an award of costs by CPR r 40.8 did not apply and was ineffective in that court.”

WLR Daily, 16th February 2012

Source: www.iclr.co.uk

Payday loan companies face tougher regulation over high interest rates – The Guardian

Posted December 8th, 2011 in debts, financial regulation, interest, loans, news by tracey

“Companies that provide expensive, short-term loans to desperate borrowers face tougher regulation by the government.”

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The Guardian, 7th December 2011

Source: www.guardian.co.uk

Withers LLP v Langbar International Ltd – WLR Daily

Posted December 7th, 2011 in client accounts, costs, debts, interest, law reports, news, solicitors by sally

Withers LLP v Langbar International Ltd [2011] EWCA Civ 1419; [2011] WLR (D) 351

“In asking whether money placed in the client account of a solicitor’s client were subject to a lien in favour of the solicitor the key question was whether the money had been placed in the account for general purposes or for a particular purpose which was incompatible with a lien arising.”

WLR Daily, 5th December 2011

Source: www.iclr.co.uk

Parties forced to take out loans at high interest to pay their legal costs can recover that interest, judge says – OUT-LAW.com

Posted November 3rd, 2011 in costs, interest, loans, news by sally

“Parties in complex court cases who are forced to take out loans at a high rate of interest to pay their legal costs can recover the full amount of that interest from the other party in certain circumstances, a court has said.”

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OUT-LAW.com, 3rd November 2011

Source: www.out-law.com

Aurubis Balgaria AD v Nachalnik na Mitnitsa Stolichna – WLR Daily

Posted April 7th, 2011 in customs and excise, EC law, interest, law reports by sally

Aurubis Balgaria AD v Nachalnik na Mitnitsa Stolichna (Case C-546/09); [2011] WLR (D) 123

“Interest on arrears in relation to customs duties still to be recovered could only be charged pursuant to article 232(1)(b) of Regulation 2913/92, as amended, in respect of the period falling after the deadline by which those duties were to be paid.”

WLR Daily, 31st March 2011

Source: www.iclr.co.uk

Please note that once a case has been reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Ministers consider rates cap on legal loan sharking – The Guardian

Posted August 2nd, 2010 in debts, interest, loans, news by sally

“Ministers are to consider capping interest rates as a campaign launches demanding action to stamp out legal loan sharking.”

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The Guardian, 2nd August 2010

Source: www.guardian.co.uk

Southern Pacific Securities 05-2 plc (in substitution for Southern Pacific Personal Loans Ltd) v Walker and another – WLR Daily

Posted July 9th, 2010 in consumer credit, interest, law reports, Supreme Court by sally

Southern Pacific Securities 05-2 plc (in substitution for Southern Pacific Personal Loans Ltd) v Walker and another [2010] UKSC 32; [2010] WLR (D) 175

“A credit broker administration fee and the interest payable on it were properly included in the charge for credit within the meaning of the Credit Consumer Act 1974 and the Consumer Credit (Total Charge for Credit) Regulations 1980, and accordingly, since those items did not form part of the amount of credit as set out in a loan agreement made between parties in 2005, that amount was correctly stated and the agreement was enforceable.”

WLR Daily, 8th July 2010

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.

Contractual interest on damages does contribute to capped sum, rules High Court – OUT-LAW.com

Posted March 4th, 2010 in contracts, damages, insurance, interest, news by sally

“A contract’s liability cap applies to interest on payments that is part of that contractual agreement but does not apply to statutory interest applied by a court, the High Court has said.”

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OUT-LAW.com, 4th March 2010

Source: www.out-law.com

Interest rate of 15% was not a punishment, rules Court of Appeal – OUT-LAW.com

Posted July 31st, 2009 in company law, contracts, interest, news, penalties by sally

“An interest rate of 15% agreed in a contract between two companies was not a penalty and was justified, the Court of Appeal has said. The interest, which had been ruled unlawful, can be charged, said the Court.”

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OUT-Law.com, 30th July 2009

Source: www.out-law.com

Ruttle Plant Hire Ltd v Secretary of State for Environment Food and Rural Affairs (No 3) – Times Law Reports

Posted March 4th, 2009 in damages, delay, interest, law reports by sally

Ruttle Plant Hire Ltd v Secretary of State for Environment Food and Rural Affairs (No 3)

Court of Appeal

“Mistakes in a supplier’s invoice did not enable the paying party to avoid late payment interest penalties.”

The Times, 4th March 2009

Source: www.timesonline.co.uk

Please note the Times Law Reports are only available free on Times Online for 21 from the date of publication.

Ruttle Plant Hire Ltd v Secretary of State for Environment Food & Rural Affairs (No 3) – WLR Daily

Posted March 3rd, 2009 in damages, delay, interest, law reports by sally

Ruttle Plant Hire Ltd v Secretary of State for Environment Food & Rural Affairs (No 3) [2009] EWCA Civ 97; [2009] WLR (D) 75

A ‘notice of an amount of the debt’ within the meaning of s4(5) of the Late Payment of Commercial Debt (Interest) Act 1998 did not have to be correct before the court could award interest for late payment of an invoice.”

WLR Daily, 2nd March 2009

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.

Companies must pay up undisputed amounts to avoid punitive interest, says Court of Appeal – OUT-LAW.com

Posted March 3rd, 2009 in debts, interest, news by sally

“Companies that withhold all payment for goods or services in order to strengthen their hand in negotiations over disputed amounts will have to pay punitive interest on that money, the Court of Appeal has said.”

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OUT-LAW.com, 2nd March 2009

Source: www.out-law.com