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The Bank of England (BoE) has published the results of the Climate Biennial Exploratory Scenario (CBES), which explores the financial risks posed by climate change for the largest banks and insurers operating in the UK. In line with the findings of other central bank stress tests across the globe, the CBES found that while the financial … Read more
The High Court has handed down its long-awaited judgment in the US$5 billion civil fraud action brought by the Hewlett Packard group in connection with its acquisition of the UK software company Autonomy Corporation Limited in 2012: ACL Netherlands BV & Ors v Lynch & Ors [2022] EWHC 1178 (Ch). The judgment follows a previously published … Read more
The High Court has dismissed claims brought by a business against a bank alleging the mis-selling of interest rate hedging products (IRHPs) and an unlawful means conspiracy regarding the transfer of the business to the bank’s internal restructuring unit: CJ And LK Perks Partnership & Ors v Natwest Markets plc [2022] EWHC 726 (Comm). This … Read more
The High Court has found in favour of a global financial brokerage business in its claim for unlawful means conspiracy against several businesses and individuals in the context of a repo fraud: ED & F Man Capital Markets Limited v Come Harvest Holdings Limited & ors [2022] EWHC 229 (Comm). The decision will be of … Read more
The High Court has refused an application to strike out or summarily dismiss a claim for fraudulent misrepresentation, finding that conscious awareness of the alleged implied misrepresentation was not necessary for the claim to have a real prospect of success at trial: Crossley & Ors v Volkswagen Aktiengesellschaft & Ors [2021] EWHC 3444 (QB). The … Read more
In the context of a claim brought by the victim of a fraud against the perpetrator, seeking damages for consequential loss of investment opportunity in relation to certain fraudulent transactions, the Court of Appeal has dismissed an appeal by the fraudster on the basis that the victim was obliged to give credit not only for … Read more
The High Court has dismissed a claim by a currency debt management firm against three banks in a banking group, which included allegations of front running and/or trading ahead in relation to the execution of certain stop-loss orders (SLOs) in 2006. In doing so, the court found that the claim was time-barred as the claimant … Read more
Join Mark Smyth, Jojo Fan, Benjamin Rubinstein and Sousan Gorji as they discuss global greenwashing issues in the banking sector. You can read more insights in our Global Bank Review. You can also listen on Apple, Spotify and SoundCloud. Please subscribe to our Financial Services Disputes & Regulation podcast channel here to listen to our … Read more
The High Court has dismissed a claim by the assignee of an investment fund against a financial advisory firm (and associated parties) for losses arising out of alleged fraudulent misrepresentations made in relation to the financial position and prospects of a business which had induced the investment fund to subscribe for £11 million in loan … Read more
