Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law on the repercussions of the recent decisions in the Merricks v Mastercard litigation for the wider litigation landscape, particularly for the financial services sector. Historically, the most common procedural mechanism for bringing class actions in the UK has been by … Read more

In the context of a claim by a sovereign wealth fund against a bank (and others) in relation to a derivatives investment, the High Court has allowed the defendant bank’s application for reverse summary judgment, finding that the fund’s claim was statute-barred and had no realistic prospect of extending the limitation period under section 32 … Read more

The High Court has dismissed a claim by a currency debt management firm against three banks in a banking group, which included allegations of front running and/or trading ahead in relation to the execution of certain stop-loss orders (SLOs) in 2006. In doing so, the court found that the claim was time-barred as the claimant … Read more

This week, the Critical Benchmarks (References and Administrators’ Liability) Act 2021 received Royal Assent and will now pass into UK law. The Critical Benchmarks Act represents the final part of the UK’s legislative framework to deal with LIBOR cessation and its passage is welcome news, particularly with the hard deadline for most currencies of LIBOR … Read more

The High Court has granted a bank’s application to strike out a defendant customer’s counterclaim, finding that it was barred by a settlement agreement relating to an earlier set of proceedings between the parties, and that the customer could not demonstrate any real prospect of showing that the settlement agreement should be set aside: Bank … Read more

In the context of a claim brought by a bank against a valuer, seeking damages in respect of a negligent valuation report for land representing the bank’s security, the Board of the Privy Council has allowed an appeal by the valuer on the basis that the losses claimed did not fall within the scope of … Read more