Shaping the boundaries of collective redress in Germany – a glimpse of the future under an EU representative action regime?

A recent judgment handed down by Germany’s highest civil court will be of interest to financial institutions concerned about so-called class action tourism. In a decision that will help shape the boundaries of collective redress in Germany, the German court has dismissed a claim brought against a financial institution under the Model Declaratory Action procedure. … Read more

High Court dismisses unconscionable bargain and lawful act economic duress defences raised in context of lender’s claim

The High Court has granted a lender’s application for summary judgment in relation to its USD $10.5 million claim against a borrower and guarantor for outstanding sums due under finance agreements: Adare Finance DAC v Yellowstone Capital Management SA & Anor [2020] EWHC 2760 (Comm). The decision will be welcomed by financial institutions considering their … Read more

Climate-related disclosures for issuers: next steps from UK financial regulators outlined

This month, there have been some significant regulatory announcements in relation to climate-related disclosures. These announcements are a result of the increasing focus on climate change and sustainability risks across governments, regulators and industry and a continued move towards corporate compliance with the Task Force on Climate-related Financial Disclosures’ (TCFD) recommendations. While not launching new … Read more

Climate-related disclosures: the new frontier?

Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law on the Financial Conduct Authority (FCA)’s proposals for regulating climate-related disclosures and the litigation risks which may arise for issuers from such proposals. Climate change has been part of the political and regulatory discourse for years. However, it … Read more

High Court takes view in test case on breach of statutory duty under s.138D FSMA, in the context of repeat borrowings and an alleged breach of CONC

The High Court has recently considered a test case under s.138D of the Financial Services and Markets Act 2000 (FSMA), in the context of alleged breaches of statutory obligations under the Consumer Credit Sourcebook (CONC) for failing to take repeat borrowing into consideration when making lending decisions: Kerrigan v Elevate Credit International Limited (t/a Sunny) … Read more

Commercial Court grants declaratory relief to bank relating to its rights under the 1992 ISDA Master Agreement

The Commercial Court has granted declaratory relief concerning a bank’s rights under an interest rate hedging arrangement governed by the 1992 ISDA Master Agreement: BNP Paribas SA v Trattamento Rifiuti Metropolitani SPA [2020] EWHC 2436 (Comm). This is the substantive English trial judgment in the long-running (and cross-jurisdictional) dispute between BNP Paribas S.A. (the Bank) … Read more