Cryptocurrency, proprietary injunctions, freezing orders, and trusts: the law is not cryptic

Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law on a recent cryptocurrency case, Wang v Darby [2021] EWHC 3054 (Comm), which applies established principles relating to trusts, proprietary injunctions and worldwide freezing orders to this new asset class. Despite the meteoric rise of cryptocurrency as an asset class, … Read more

CAT ruling in FX litigation: class action should be opt-in, not opt-out

In a recent ruling in the FX litigation, the UK Competition Appeal Tribunal (CAT) has ruled for the first time that collective proceedings can only proceed on an opt-in basis, rather than the opt-out basis sought by the class applicants: Michael O’Higgins FX Class Representative Limited v Barclays Bank PLC and Others; and Mr Phillip … Read more

Court of Appeal finds Quincecare duty is not limited to corporate customers and can (in principle) extend to protecting individuals

This week, the Court of Appeal handed down an important judgment considering the scope of the so-called Quincecare duty: Philipp v Barclays Bank UK plc [2022] EWCA Civ 318. Historically, the Quincecare duty has arisen where a bank receives a payment instruction from an authorised signatory of its customer, and executes the order, in circumstances … Read more

Overview of anticipated focus areas for BBLS litigation

Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law on the government’s Bounce Back Loan Scheme (BBLS) and the anticipated focus areas for litigation against BBLS lenders now that collection and recovery activities have begun. During the pandemic, the coronavirus loan schemes provided more than £75bn of government funding, … Read more