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

Banking Litigation Podcast Episode 7: Monthly Update – June 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:. Persimmon Homes Limited v Hillier and Creed [2019] EWCA Civ 800 Ramona Ang v Reliantco Investments … Read more

LIBOR discontinuation – FCA thematic feedback on responses to Dear CEO letter

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

Herbert Smith Freehills launches new banking litigation blog

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

Commercial Court gives guidance on definition of ‘consumer’ under Recast Brussels Regulation in cryptocurrency futures trading case

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

Banking Litigation Podcast Episode 6: Monthly Update – May 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: BV Nederlandse Industrie Van Eiprodukten v Rembrandt Enterprises, inc [2019] EWCA Civ … Read more

Court of Appeal finds ISDA jurisdiction clause trumps competing clause in related contract

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