Contract

Latest bank victory – Hong Kong High Court dismisses mis-selling claim

The Hong Kong Court of First Instance has recently handed down its judgment in Shine Grace Investment Ltd v. Citibank, N.A. and Another (HCCL 28/2008), a case relating to alleged mis-selling of equity accumulator contracts by Citibank. In dismissing the … Continue reading

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Filed under Contract, Financial Services Regulation, Hong Kong

UK SUPREME COURT CLARIFIES LEGAL POSITION ON “NO ORAL MODIFICATION” CONTRACTUAL CLAUSES

Parties to commercial contracts often insert a “no oral modification” (or NOM) clause to prevent attempts to undermine written agreements by informal means. Such clauses are intended to prevent contracting parties being bound by subsequent variations unless the specified formalities … Continue reading

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Filed under Contract, Hong Kong

Supreme Court decision clarifies basis for the award of Wrotham Park damages

We discussed aspects of “Wrotham Park damages” (also called “license fee damages” or “negotiating damages”) in Herbert Smith Freehills Hong Kong office’s recent Contract Disputes Seminar “Getting your just deserts: remedies for breach of contract”. To recap, in some cases … Continue reading

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Filed under Contract, Remedies

Hong Kong Court of Appeal finds against bank on the basis that the bank’s exclusion of liability clauses were unconscionable and unreasonable

The Hong Kong Court of Appeal (CA) has recently affirmed a decision of the Court of First Instance (CFI), in which a ruling was made in favour of the plaintiff investors in a mis-selling claim against a bank, albeit on … Continue reading

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Filed under Contract, Financial Services Regulation, Hong Kong

Herbert Smith Freehills sponsors and contributes chapters to the recently published First Edition of Getting the Deal Through – Financial Services Litigation 2016

In the light of the global growth of litigation in the financial sector following the financial crisis, Herbert Smith Freehills has sponsored 'Getting The Deal Through' for the launch of the first edition of the guide to Financial Services Litigation … Continue reading

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Filed under Announcements, Contract, Financial Services Regulation, Hong Kong

Hong Kong Court rules in favour of investors in mis-selling claim: a departure from the recent trend

Recently, the Hong Kong Court of First Instance handed down its judgment in relation to a mis-selling claim against a bank, ruling in favour of the plaintiff investors. This departs from the trend in respect of post-financial crisis mis-selling claims … Continue reading

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Filed under Contract, Financial Services Regulation, Hong Kong

Hong Kong Court of Appeal takes a practical view on the penalties rule upholding a liquidated damages clause

In the recent case of Brio Electronic Commerce Limited v Tradelink Electronic Commerce Limited CACV 271/2013, the Hong Kong Court of Appeal (CA) held that a clause in the contract setting a sum of HK$5 million as liquidated damages in … Continue reading

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Filed under Contract, Hong Kong

Hong Kong: Court of First Instance holds that litigation commenced in breach of a company’s articles of association is liable to be struck out

In Yifung Developments Limited v Ricky Liu Chi Keung & others (HCA 1341/2014), the Court of First Instance held that where a company fails to comply with relevant provisions in its articles of association regarding the commencement of litigation, the … Continue reading

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Filed under Contract, Hong Kong

UK Supreme Court rewrites English law rule on penalties whilst Hong Kong (for the moment at least) still continues to follow the traditional test

In a judgment handed down on 4 November, the UK Supreme Court has in effect re-written the rule on contractual penalties in England & Wales, holding that the underlying rationale of the rule in English law has been misunderstood and … Continue reading

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Filed under Contract, Hong Kong

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

The Hong Kong Court of First Instance handed down its judgment in DBS Bank (Hong Kong) Limited v Sit Pan Jit (HCA 382/2009) on 2 April 2015. It is the most recent decision in a string of cases that have … Continue reading

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Filed under Contract, Financial Services Regulation, Hong Kong