The first judgment in a shareholder class action in England & Wales has been handed down by the High Court today in Sharp v Blank [2019] EWHC 3078 (Ch) (also known as The Lloyds/HBOS litigation). In rejecting the claim brought by a group of shareholders against Lloyds relating to its acquisition of HBOS in 2008, … Read more
The Association of British Treasurers (ACT) recently held a webinar focusing on the documentary challenges for corporates arising from the discontinuation of LIBOR. Our partners Harry Edwards (Disputes) and Nick May (Finance) joined the panel. The session considered the key legal challenges and pitfalls that corporate treasurers need to be aware of, how legal advisers … Read more
On 29 October Lord Sharkey introduced a Private Members’ Bill into the House of Lords, which proposed amending the Financial Services and Markets Act 2000 (“FSMA”) to empower the FCA to introduce a duty of care owed by authorised persons to consumers in carrying out regulated activities under FSMA (the “Bill”). The Bill proposed that … Read more
The Australian Federal Court has recently handed down judgment in the first securities class action in Australia to reach trial: TPT Patrol Pty Ltd as trustee for Amies Superannuation Fund v Myer Holdings Limited [2019] FCA 1747. The decision is likely to be of interest from a UK securities litigation perspective. A briefing paper setting … Read more
Earlier this month, we launched a brand new podcast channel. Our latest monthly update podcast is now live on that channel. In the podcast, we look at key recent judgments likely to be of interest to financial institutions. Also listen on Apple or Spotify. You can subscribe to the podcast channel here to listen to our regular bite-sized … Read more
The Supreme Court has upheld the first successful claim for breach of the so-called Quincecare duty of care: Singularis Holdings Ltd (In Official Liquidation) (A Company Incorporated in the Cayman Islands) v Daiwa Capital Markets Europe Ltd [2019] UKSC 50. The Supreme Court’s judgment in this case follows hot on the heels of the Court … Read more
In an important decision for securities litigation in the UK, the High Court has dismissed a strike out application made by Tesco plc in the group litigation brought by its shareholders under section 90A Financial Services and Markets Act 2000 (“FSMA”), relating to the false and misleading statements made by Tesco regarding its commercial income … 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 six months. During this period, there have been a considerable number of judgments relating to the contractual interpretation of financial services agreements. While the legal principles of contractual … Read more
The US Court of Appeals for the Second Circuit has handed down a decision that potentially increases the scope for parties in non-US legal proceedings to use the US courts to access evidence held by US-connected entities, even if that evidence is not located in the US: In re: Application of Antonio del Valle Ruiz, No. … Read more
