Court of Appeal confirms Morrisons vicariously liable for employee’s deliberate actions in first successful UK class action for data breach

The Court of Appeal has dismissed an appeal against the High Court’s decision that Morrisons was vicariously liable for its employee’s misuse of data, despite: (i) Morrisons having done as much as it reasonably could to prevent the misuse; and (ii) the employee’s intention being to cause reputational or financial damage to Morrisons itself: Wm Morrisons … Read more

Do we need a new duty of care in financial services?

On 17 July 2018, the FCA published a paper on its Approach to Consumers (the Approach), accompanied by a discussion paper DP18/5 (the DP) on the possible introduction of a new duty of care and other alternative approaches (a New Duty). The Approach sets the FCA’s vision for well-functioning markets that work for consumers, and builds on … Read more

Supreme Court provides clear guidance on liability to third parties for bankers’ references: clarifying the circumstances where banks will be liable for incorrect information

The recent decision of the Supreme Court in NB Banca Nazionale del Lavoro SPA v Playboy Club [2018] UKSC 43 upheld the decision of the Court of Appeal, confirming that where a bank reference is requested on behalf of an undisclosed principal, then no duty of care is owed by the bank providing the reference to the undisclosed … Read more

High Court applies SAAMCO principle to find no assumption of responsibility for losses flowing from market forces

The decision of the High Court in Manchester Building Society v Grant Thornton UK LLP [2018] EWHC 963 (Comm) is a useful illustration of how the scope of an adviser’s duty under the SAAMCO principle can operate to limit liability. In summary, the court held that an auditor’s negligent advice in relation to the accounting treatment of interest rate swaps … Read more

PAG v RBS: Court of Appeal dismisses IRHP mis-selling and LIBOR manipulation claim

The Court of Appeal has dismissed the entirety of the long-awaited appeal in Property Alliance Group v The Royal Bank of Scotland [2018] EWCA Civ 355. The result is that all claims against the defendant bank have failed. This is the first substantive decision involving allegations of LIBOR manipulation and interest rate hedging product (“IRHP”) mis-selling to … Read more

High Court rejects another interest rate hedging product mis-selling claim: key points of general application

London Executive Aviation Ltd v The Royal Bank of Scotland PLC [2018] EHWC 74 (Ch) is the latest in the line of unsuccessful claims against financial institutions based on allegations of mis-selling interest rate hedging products (“IRHPs”). The bulk of the reported cases in this field to date are interlocutory decisions, so the full reasoned judgment in … Read more