High Court finds no implied contractual duties in connection with past business review

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

Court of Appeal emphasises the need to plead conspiracy claims in full

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

Commercial Court rejects EURIBOR implied representations

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

Court of Appeal holds no real prospect of success for claim alleging contractual obligations owed by a bank to its customers in the conduct of FCA review

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

High Court rejects unfair relationship claim concerning allegations of breach of an advisory duty, misrepresentation and efficacy of basis clauses

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