Since 2015 there has been a series of judgments in which claimant customers have (ultimately unsuccessfully) sought to impose contractual and tortious duties on financial institutions relating to the institution’s conduct of the 2012 past business review into the alleged mis-selling of interest rate hedging products (the “PBR”). The latest decision from the High Court … Read more
The High Court has struck out claims brought by former investors in the Ingenious Media tax deferral schemes against lending banks who advanced sums to the investors for the purpose of investing in the scheme: Mr Anthony Barness & Ors v Ingenious Media Limited & Ors [2019] EWHC 3299 (Ch). In the context of the … Read more
The High Court has endorsed the use of an interpleader application pursuant to CPR Part 86 by a financial services firm seeking guidance from the court to determine the appropriate recipient of funds which are subject to potentially competing claims: Global Currency Exchange Network Ltd v Osage 1 Ltd [2019] EWHC 1375 (Comm). Part 86 … Read more
In a recent decision arising out of long-running litigation relating to alleged mis-selling of interest rate hedging products (“IRHPs“), the Court of Appeal has upheld the High Court’s refusal to allow the claimants to pursue claims in unlawful means conspiracy: Elite Property Holdings Ltd & Anor v Barclays Bank plc [2019] EWCA Civ 204. We considered the … Read more
The Commercial Court has dismissed claims that a bank made implied representations as to EURIBOR rate-setting in the context of selling an interest rate swap: Marme Inversiones 2007 SL v NatWest Markets plc & Ors [2019] EWHC 366 (Comm). This is the second civil court trial judgment considering IBOR manipulation, the first being Property Alliance Group Ltd v … Read more
The Court of Appeal has refused the claimants permission to appeal in the most recent interest rate hedging product (“IRHP“) mis-selling claim to come before the appellate courts: Elite Property Holdings & Anor v Barclays Bank plc [2018] EWCA Civ 1688. The Court of Appeal considered the High Court’s decision to refuse the claimants permission to make … Read more
The High Court has rejected the first interest rate hedging product (“IRHP“) mis-selling claim brought by private persons under section 138D of the Financial Services and Markets Act 2000 (“FSMA“) in the recent case of Ramesh Parmar & Anor v Barclays Bank plc [2018] EWHC 1027 (Ch). The decision will be of particular interest to financial institutions … Read more
Carney & Ors v NM Rothschild & Sons Limited [2018] EWHC 958 (Comm) is a recent case where the High Court rejected claims of an unfair relationship arising between a lender and two borrowers under s.140A of the Consumer Credit Act 1974 (the “Act“). This decision will be of interest to financial institutions which (unusually) bear the … Read more
In the context of interest rate hedging product (“IHRP”) mis-selling litigation, the High Court has rejected an application for permission to amend particulars of claim to include a claim for a declaration that the defendant bank failed properly to conduct its past business review of IRHPs (the “Review”): Teresa Day & Anor (t/a Appledore Clinical Services) … Read more
