The FCA and PRA yesterday published a joint statement setting out their key observations from the responses of major banks and insurers in the UK to the Dear CEO letters published in September 2018, which asked for details of the preparations and actions being taken by those firms to manage transition from LIBOR to alternative interest rate benchmarks (SONIA … Read more
Welcome to the new banking litigation blog. We will use the blog to bring you the latest banking litigation developments of interest to financial institutions, delivered with speed and sector insight. We will also use the blog as a platform to house previously published e-bulletins / podcasts / webinars. It should therefore serve as a … Read more
The Commercial Court has granted summary judgment in favour of a bank defending a claim brought by a foreign exchange (“FX“) broker seeking to recover losses it suffered when the Swiss franc was de-pegged from the euro in 2015: CFH Clearing Limited v MLI [2019] EWHC 963 (Comm). The decision represents a robust approach by … Read more
An individual investor, with substantial means and more knowledge and experience than the average person, may still be considered a ‘consumer’ for the purposes of Article 17 of Regulation (EU) No 1215/2012 on jurisdiction and enforcement of judgments in civil and commercial matters (“Recast Brussels Regulation“), even when contracting to trade a specialised product such … Read more
In our monthly update podcast, we look at key recent judgments likely to be of interest to financial institutions. Also listen on Apple or Spotify. You can find links to our blog posts on some of the cases covered in this podcast below: BV Nederlandse Industrie Van Eiprodukten v Rembrandt Enterprises, inc [2019] EWCA Civ … Read more
The Court of Appeal’s judgment in BNP Paribas SA v Trattamento Rifiuti Metropolitani SPA provides further assurance that jurisdiction clauses within standard form ISDA documentation will not readily be displaced by contrary jurisdiction clauses in related contracts. The Court of Appeal gave effect to an English jurisdiction clause in an ISDA Master Agreement over an apparently competing … Read more
The Court of Appeal has upheld the High Court’s decision that ‘negative interest’ is not payable by a Transferor of cash collateral under the standard form ISDA 1995 Credit Support Annex (“CSA“): The State of the Netherlands v Deutsche Bank AG [2019] EWCA Civ 771. The Court of Appeal’s confirmation of this point is useful, because the … Read more
Welcome to our latest Banking Litigation Update, in which we highlight a number of the most important cases and developments affecting UK financial institutions over the past 6 months. Privilege decisions have, as ever, dominated the legal development headlines. In our last update, we celebrated the return to the orthodox position on litigation privilege following … Read more
