Banking Litigation Podcast Episode 9: Monthly Update – August 2019

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: Court of Appeal clarifies test for rectifying terms of written contract for common mistake Commercial … Read more

Commercial Court considers contractual discretion of bank to close customer account without notice where there is suspicion of money laundering

In a recent decision, the Commercial Court has upheld a financial institution’s decision to exercise its contractual right to close a customer’s accounts and terminate its relationship without notice, where the financial institution had a suspicion that its customer’s accounts were being used for money laundering purposes: N v The Royal Bank of Scotland plc … Read more

What securities litigators need to know about the new Prospectus Regulation

The new EU Prospectus Regulation (EU/2017/1129) (the “PR”) entered into full force and effect on 21 July 2019 across EU Member States. It replaces, in its entirety, the Prospectus Directive (the “PD”) regime and therefore represents the most significant overhaul of European securities law since the PD came into force in 2005. A number of the … Read more

Banking Litigation Podcast Episode 8: Monthly Update – July 2019

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: Commercial Court adopts broad interpretation of investment bank fee clause in equity … Read more

Commercial Court adopts broad interpretation of investment bank fee clause in equity and debt finance raising

Applying a commercial approach to the fees payable under an engagement agreement, the Commercial Court recently decided in favour of the claimant investment bank in Macquarie Capital (Europe) Ltd v Nordsee Offshore MEG I GmbH [2019] EWHC 1655 (Comm). The engagement provided for the supply of financial advisory services including raising equity and debt finance … Read more

High Court confirms LMA anti set-off clause applies to equitable set-off

On a recent summary judgment application, the High Court has given effect to an anti set-off clause on standard Loan Market Association (“LMA“) terms to prevent the defendant from relying on equitable set-off, as a defence to claims to recover interest and principal under a loan agreement: AMC III Purple B.V. v Amethyst Radiotherapy Limited … Read more