WW Property Investments Limited v National Westminster Bank Plc: Court of Appeal refuses permission for addition of claims regarding LIBOR manipulation

The case concerned an application by the claimant for permission to appeal a decision of the High Court to strike out the entirety of the claim concerning the claimant’s interest rate hedging products (“IRHPs”) and its refusal to grant permission to add a new claim. Although not a substantive appeal as such, the case nevertheless … Read more

O’Hare v Coutts: High Court dismisses mis-selling claim and clarifies standard of care required of financial advisors

Overview In O’Hare v Coutts, the High Court dismissed a claim alleging that the defendant bank breached duties in contract and tort to use reasonable care and skill when recommending five investments that the claimants entered between 2007 and 2010. The Court held that the bank’s duties when giving advice required proper communication and dialogue with the … Read more

High Court rejects claim that dealings between bank and client went beyond an ordinary arm’s length bank-client relationship

The High Court has rejected the argument that dealings between Goldman Sachs (“GSI”) and the Libyan Investment Authority (“LIA”) crossed the line from an ordinary arm’s length bank-client relationship to a relationship which gave rise to duties of candour and fairness. It held that, in the absence of any such protected relationship, (i) GSI did … Read more

Thornbridge Limited v Barclays Bank: Confirmation of the court’s current approach to IRHP mis-selling claims is good news for financial institutions

The latest in a recent line of judgments on interest rate hedging product (“IRHP“) mis-selling, Thornbridge Limited v Barclays Bank plc [2015] EWHC 3430 (QB)provides further confirmation of the Court’s approach to mis-selling cases and highlights the significant obstacles that claimants face in succeeding with such claims. Most notably: The Court found that Thornbridge Limited (“Thornbridge“) was … Read more