WW Property Investments Limited v National Westminster Bank Plc: Court of Appeal refuses permission for addition of claims regarding LIBOR manipulation

The case concerned an application by the claimant for permission to appeal a decision of the High Court to strike out the entirety of the claim concerning the claimant’s interest rate hedging products (“IRHPs”) and its refusal to grant permission to add a new claim. Although not a substantive appeal as such, the case nevertheless … Read more

O’Hare v Coutts: High Court dismisses mis-selling claim and clarifies standard of care required of financial advisors

Overview In O’Hare v Coutts, the High Court dismissed a claim alleging that the defendant bank breached duties in contract and tort to use reasonable care and skill when recommending five investments that the claimants entered between 2007 and 2010. The Court held that the bank’s duties when giving advice required proper communication and dialogue with the … Read more

CGL Group v RBS: No Suremime-type duty of care owed directly to customer in connection with past business review

Six months after the High Court’s surprising judgment in Suremime Limited v Barclays Bank plc [2015] EWHC 2277 (QB), the recent decision in CGL Group Limited v Royal Bank of Scotland [2016] EWHC 281 (QB) will be encouraging for financial institutions concerned about liabilities arising out of FCA past business reviews. The Court held that the Claimant’s proposed amendment to … Read more

Deutsche Bank v Unitech: Borrowers seeking rescission for alleged LIBOR manipulation must be prepared to pay the full loan amount outstanding before trial

The Court of Appeal’s recent judgment in Deutsche Bank AG v Unitech Ltd [2016] EWCA Civ 119 will be welcomed by lenders seeking to recover against loan agreements which used LIBOR as a reference rate in the calculation of interest. Such lenders are frequently met with a defence and counterclaim in which the borrower resists or seeks to … Read more

Suresh Sivagnanam v Barclays Bank: High Court limits shareholders seeking a second bite of the cherry in IRHP mis-selling cases

Following a number of recent cases relating to the mis-selling of interest rate hedging products, Suresh Sivagnanam v Barclays Bank plc [2015] EWHC 3985 (Comm) is another judgment which is likely to be received favourably by financial institutions. The mis-selling claim, which was brought against a financial institution by a sole shareholder of a company, has failed at the summary … Read more

Property Alliance Group v RBS transferred to the financial list: top tips for parties wishing to successfully transfer proceedings

The recent decision in Property Alliance Group Limited v Royal Bank of Scotland plc [2016] EWHC 207 (Ch) provides helpful early guidance as to the Court’s approach to contested applications to transfer proceedings to the newly created Financial List. While each case will depend on its own facts, the following factors are likely to be key: Whether the … Read more

Thornbridge Limited v Barclays Bank: Confirmation of the court’s current approach to IRHP mis-selling claims is good news for financial institutions

The latest in a recent line of judgments on interest rate hedging product (“IRHP“) mis-selling, Thornbridge Limited v Barclays Bank plc [2015] EWHC 3430 (QB)provides further confirmation of the Court’s approach to mis-selling cases and highlights the significant obstacles that claimants face in succeeding with such claims. Most notably: The Court found that Thornbridge Limited (“Thornbridge“) was … Read more