In recent decades the courts of some countries, including some EU member states, have questioned the validity of asymmetric jurisdiction clauses or have refused to give effect to them. These clauses (also known as unilateral or one-way clauses) give one party greater flexibility as to the forum in which they can bring proceedings. They are … Read more

The English High Court has set aside Bankers Trust disclosure orders made against two Australian banks at a without notice hearing, which required the banks to disclose certain information regarding two of their Australian customers to the claimants. In doing so, the judge reiterated that the English court should only make disclosure orders against foreign … Read more

The High Court has considered the impact of the UK sanctions against Russia on various aspects of litigation involving a sanctioned party: PJSC National Bank Trust v Mints [2023] EWHC 118 (Comm). The judgment raises important questions of law with wide implications for litigation involving sanctioned entities. The court’s key finding was that the UK sanctions do … Read more

The Court of Appeal has held that there is a realistic argument that Bitcoin developers, while acting as developers, owe fiduciary duties to the true owners of that property, which could include taking active steps to introduce code so that an individual owner’s Bitcoin can be transferred to safety: Tulip Trading Limited v Wladimir van … Read more

Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law on interpreting International Chamber of Commerce (ICC) standardised rules in trade finance disputes. Banking practice in areas of trade finance such as demand guarantees and letters of credit is standardised by a collection of contractual rules published by the ICC. … Read more

The High Court has ordered a stay of English proceedings brought by a bank against several shareholders of a company for deceit and unlawful means conspiracy on the grounds of forum non conveniens: Abu Dhabi Commercial Bank Pjsc v Shetty & Ors [2022] EWHC 529 (Comm). This decision will be of interest to financial institutions … Read more

The High Court has ordered a number of banks to provide disclosure to various foreign companies, following an application seeking disclosure in accordance with a letter of request (LOR) issued by a Canadian court. The application was issued in the context of certain Canadian civil proceedings alleging that a former foreign government minister and others … Read more

The Court of Appeal has held that the English court had no power under Article 33 of the recast Brussels Regulation to stay in favour of prior proceedings commenced in New Jersey, where the English court had jurisdiction under a non-exclusive jurisdiction clause. It made no difference that, absent the clause, the court would have … Read more