Merricks v Mastercard: the litigation risks for the financial services sector

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

High Court continues to demonstrate robust approach to statute-barred claims, summarily dismissing derivatives investment claim against bank

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

Final part of UK LIBOR legislative solution receives Royal Assent

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

High Court upholds settlement agreement relating to earlier proceedings to bar counterclaim, confirming that “unknown” claims can be released

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

BANKING LITIGATION PODCAST EPISODE 31: SPECIAL EDITION – PRIVILEGE

In this special edition of our banking litigation podcast, we consider some key issues on the topic of privilege which will be most relevant to in-house lawyers at banks and financial institutions. This episode is hosted by Ceri Morgan, a professional support consultant in our banking litigation team, who is joined by Claire Nicholas and … Read more

Global Bank Review: Greenwashing Litigation Podcast

Join Mark Smyth, Jojo Fan, Benjamin Rubinstein and Sousan Gorji as they discuss global greenwashing issues in the banking sector. You can read more insights in our Global Bank Review. You can also listen on Apple, Spotify and SoundCloud. Please subscribe to our Financial Services Disputes & Regulation podcast channel here to listen to our … Read more