In a recent decision, the High Court has awarded a former partner of Ernst & Young (EY) damages exceeding $11 million, broadly equating to past and future earnings for the rest of his career: Rihan v Ernst & Young (Global) Ltd [2020] EWHC 901 (QB). The claimant, Mr Rihan, was a whistle-blower who publicly disclosed … Read more
Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law considering how the findings in Sharp v Blank [2019] EWHC 3078 (Ch) (also known as The Lloyds/HBOS litigation) may be of assistance in interpreting sections 90 and 90A of the Financial Services and Markets Act 2000. Lloyds/HBOS is the only securities … Read more
The High Court has dismissed the most recent claim to reach trial arising from the actions taken by a lending bank’s restructuring unit following a borrower’s default under a facility agreement during the global financial crisis. The court rejected all claims that the bank failed to discharge its duty to provide lending services with reasonable … Read more
The High Court has struck out claims brought by former investors in the Ingenious Media tax deferral schemes against lending banks who advanced sums to the investors for the purpose of investing in the scheme: Mr Anthony Barness & Ors v Ingenious Media Limited & Ors [2019] EWHC 3299 (Ch). In the context of the … Read more
In a recent decision the High Court has held that a financial institution which is alleged to have been a shadow director of its customer will not be liable for breach of fiduciary duty unless the breach is linked to an instruction or direction given by the institution: Standish & Ors v The Royal Bank … Read more
In this special edition of our banking litigation podcast, we consider the first judgment in a shareholder class action in England & Wales in Sharp v Blank [2019] EWHC 3078 (Ch) (also known as The Lloyds/HBOS Litigation). Also listen on Apple or Spotify. In rejecting the claim brought by a group of shareholders against Lloyds relating to its acquisition … Read more
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 Commercial Court has granted summary judgment in favour of a bank defending a claim brought by a foreign exchange (“FX“) broker seeking to recover losses it suffered when the Swiss franc was de-pegged from the euro in 2015: CFH Clearing Limited v MLI [2019] EWHC 963 (Comm). The decision represents a robust approach by … Read more
The Court of Appeal has found that there was no breach of fiduciary duty where an introducing broker failed to inform its client investors of the amount of commission it received from the financial institution to which it had introduced them: Medsted Associates Ltd v Canaccord Genuity Wealth (International) Ltd [2019] EWCA Civ 83. This decision represents … Read more
