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The High Court has today handed down judgment in the COVID-19 Business Interruption insurance test case of The Financial Conduct Authority v Arch and Others. Herbert Smith Freehills represented the FCA (who was advancing the claim for policyholders) in the case, which considered 21 lead sample wordings from eight insurers. Following expedited proceedings, the judgment brings … Read more
In a recent decision, the High Court confirmed that proceedings had been properly served on a borrower where it had failed to comply with its contractual obligations to appoint a process agent and so the lender had appointed an agent on its behalf as permitted by the credit agreement: Banco San Juan Internacional Inc v … Read more
The Court of Appeal has upheld the High Court’s decision to grant summary judgment in favour of a bank defending a claim brought by a foreign exchange (FX) broker seeking to recover losses incurred on FX spot transactions during the 2015 “Swiss Flash Crash”: CFH Clearing Ltd v MLI [2020] EWCA Civ 1064. In doing … Read more
The High Court’s recent judgment in Palladian Partners LP & Ors v The Republic of Argentina & Anor [2020] EWHC 1946 (Comm) is an interesting and high profile addition to the body of case law on the interpretation of complex financial instruments, here the terms and conditions applicable to euro-denominated government bonds issued by the … Read more
The High Court has dismissed a claim brought by an investment company against a foreign exchange trading platform seeking to recover losses it suffered as a result of the late execution of stop loss orders (SLOs) at disadvantageous exchange rates, following the de-pegging of the Swiss Franc from the Euro in 2015: Target Rich International … Read more
In a recent decision, the Court of Appeal has confirmed that the terms of an English law facility agreement in respect of Tier 2 Capital, allowed the borrower to withhold payment of interest instalments where there was a risk of secondary sanctions being imposed on the borrower under US law. In the view of the … Read more
The High Court has held that personal guarantees signed by the chairman and sole shareholder of a borrower company were enforceable, dismissing arguments that emailing scanned signature pages was insufficient to constitute “delivery”, or that the doctrine of promissory estoppel was engaged to prevent the lender from calling on the guarantees where certain alleged assurances … Read more
A recent High Court decision is a good example of the court’s willingness to deal with questions of contractual interpretation on a summary basis in an appropriate case, without the need for a full trial. However, it also highlights the difficulties that will be faced in successfully striking out a defence based on the common … Read more
The Court of Appeal has upheld the High Court’s decision that no incentive fee was payable to a collateral manager in a collateralised loan obligation (CLO) transaction following the exercise of a right of early redemption by the holders of the equity notes: Barings (UK) Ltd v Deutsche Trustee Company Ltd & Ors (Rev 1) … Read more
