The Court of Appeal has allowed an appeal by a purchaser in the context of its claim for damages for fraudulent misrepresentation against the sellers of certain business assets that it had acquired. In doing so, the Court of Appeal held that damages for fraudulent misrepresentation should, as a general rule, be assessed by ascertaining … Read more

The High Court has granted summary judgment in favour of two banks, in connection with an alleged interest rate hedging products (IRHP) mis-selling claim related to LIBOR manipulation, on the basis that it was issued outside the statutory limitation period: Boyse (International) Ltd v NatWest Markets plc and another [2021] EWHC 1387 (Ch). In doing … Read more

The High Court has granted an application by a bank to strike out a misrepresentation claim by a property investment SPV, which repeated a similar claim that had been struck out by the court in previous proceedings due to a failure to comply with an unless order. The court also dismissed a parallel disclosure application … Read more

In the context of an investor’s claim against the provider of his self-invested personal pension (SIPP) under s.27 of the Financial Services and Markets Act 2000 (FSMA), the Court of Appeal has provided guidance on the question of what constitutes “advice” on investments for the purpose of article 53 of the Financial Services and Markets Act … Read more

The High Court’s decision in Elite Property Holdings Limited & Anor v Barclays Bank plc [2021] EWHC 772 (Comm) is the latest instalment in a series of claims brought by the same claimant property investment companies against the defendant bank (and others) in relation to alleged mis-sold interest rate hedging products (IRHPs), which were included … Read more

In an important decision for financial institutions, the High Court has confirmed that a claimant’s awareness of a representation is an essential prerequisite to a claim for misrepresentation, by striking out implied fraudulent misrepresentation claims in relation to LIBOR against a defendant bank. The claimants had failed to plead that the alleged representations were actively … Read more

Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law on the increasing willingness of the English courts to deal with opportunistic claims against banks (and other third parties) involving allegations of fraud without the need for a full trial, in “appropriate” cases. Traditionally, in a financial product … Read more

The High Court has dismissed the latest interest rate hedging product (IRHP) mis-selling claim to reach trial in Fine Care Homes Limited v National Westminster Bank plc & Anor [2020] EWHC 3233 (Ch). The judgment will be welcomed by financial institutions for its general approach to claims alleging that a bank negligently advised its customer … Read more