Tag Archives: Banking Litigation

UK: no Suremime-type duty of care owed directly to customer in connection with past business review

Six months after the High Court's surprising judgment in Suremime Limited v Barclays Bank plc [2015] EWHC 2277 (QB), the recent decision in CGL Group Limited v Royal Bank of Scotland [2016] EWHC 281 (QB) will be encouraging for financial … Continue reading

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Filed under Asset management, Banking, Commercial Litigation, Funds, Insurance, Investment banking

UK Court orders disclosure of confidential SFO and client documents: Harlequin Property (SVG) Ltd & Anor v Wilkins Kennedy

The recent case management decision in Harlequin Property (SVG) Ltd and Another v Wilkins Kennedy [2015] EWHC 3050 (TCC) considered an application by the Defendant to withhold documents from inspection on the basis of confidentiality. The documents in question fell … Continue reading

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Filed under Commercial Litigation, UK

UK: New pilots of streamlined procedures for claims in the main business courts

Two pilot schemes, the Shorter Trials Scheme and the Flexible Trials Scheme, will be introduced for claims commenced from 1 October and will run for a period of two years. The schemes allow for shorter and more flexible procedures for claims brought … Continue reading

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Filed under Banking, Commercial Litigation

Hong Kong court dismisses investor’s counterclaim against bank for mis-selling of financial products

The Court of First Instance has recently handed down its judgment in DBS Bank (Hong Kong) Limited v Sit Pan Jit (HCA 382/2009), which concerned a claim by DBS Bank (Hong Kong) Limited (DBS) against its former customer, Sit Pan Jit, … Continue reading

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Filed under Asia, Asset management, Hong Kong

UK: Bank exercising a right of forced sale did not have a duty to obtain the best price reasonably obtainable

The High Court has found that a Bank which had exercised a right of forced sale over an asset was not under a duty by way of an implied term to take reasonable steps to obtain the best price reasonably … Continue reading

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Filed under Uncategorized

USA: Delaware Chancery Court finds bank’s “unclean hands” bar contribution from co-defendants, orders payment of $76 million damages

On October 10, Vice Chancellor J. Travis Laster of the Delaware Chancery Court issued an opinion ordering RBC Capital Markets LLC (“the Bank”) to pay USD $75.8 million of a $91.3 million damages award to a class of former Rural/Metro Corp. … Continue reading

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Filed under Americas, US

UK: The EBA clamp-down on role-based allowances: behind the headlines

As has been widely reported, the European Banking Authority has stated that many role-based allowances should now be treated as variable remuneration, which will result in many banks being in breach of the “bankers’ bonus cap”. 

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Filed under EU, Europe, France, Germany, Italy, Spain

US Federal Court orders Microsoft to produce e-mail content stored outside the United States

In a decision that may have implications for the way US technology companies, and in particular data storage or “cloud” providers, do business with customers, who may include financial institutions, outside the United States, a federal district judge in New … Continue reading

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Filed under Americas, US

Banking Litigation update

We have published our latest Banking Litigation Update, summarising some of the more important cases and developments affecting UK financial institutions over the first half of 2014, including:

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Filed under Americas, Australia, Banking, UK, US

Australia: Practical steps to maintain privilege when communicating with non-legal advisers

The recent Federal Court decision in Asahi Holdings (Australia) Pty Ltd v Pacific Equity Partners Pty Limited (No 4) [2014] FCA 796 highlights the limited extent to which privilege subsists in emails and draft transaction documents created by or disseminated … Continue reading

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Filed under Australia, Commercial Litigation, Investment banking