Burford Capital, one of the largest litigation funders, has been in the press regularly since the publication of a series of tweets and opinion pieces by Muddy Waters (the US investment firm) which also short-sold Burford shares. These events triggered a period of weakness in Burford’s share price. Burford contended that its share price fell … Read more
The UK’s Tough Legacy Taskforce (Taskforce) has issued a paper on “tough legacy” issues in the transition from LIBOR. In an important intervention, it has recommended a legislative fix for all asset classes and possibly all LIBOR currencies. The scope of the recommendation from the Taskforce is wider than many will have expected, but will … Read more
We have just released our monthly update podcast, in which we discuss and debate the key recent judgments likely to be of interest to financial institutions. This episode is hosted by John Corrie, a partner in our banking litigation team, who is joined by Ceri Morgan and special guest Nic Patmore. You can also listen … Read more
The High Court has refused to set aside or vary an order for standard disclosure where a defendant bank maintained that production of documents would contravene foreign criminal law or regulations, with the result that the bank’s defence was struck out and it was debarred from defending the claims: Byers & Ors v Samba Financial … Read more
We commented last month on the announcement from the International Swaps and Derivatives Association (ISDA), confirming the preliminary results of its re-consultation on the implementation of pre-cessation fallbacks for derivatives referenced to LIBOR: ISDA pre-cessation fallback consensus: will this reduce legacy LIBOR risk in the derivatives market? ISDA has now published a report summarising the … Read more
In early March, 2020, the Alternative Reference Rates Committee (ARRC) in the US published a proposal for New York legislation to assist the transition of financial contracts away from US dollar (USD) LIBOR. In a blog post in March, HSF provided an overview of this proposal and its specific provisions. LIBOR transition: What does the … Read more
In a recent decision, the High Court has awarded a former partner of Ernst & Young (EY) damages exceeding $11 million, broadly equating to past and future earnings for the rest of his career: Rihan v Ernst & Young (Global) Ltd [2020] EWHC 901 (QB). The claimant, Mr Rihan, was a whistle-blower who publicly disclosed … Read more
In a recent ruling in the Forex litigation, the Competition Appeal Tribunal (CAT) has held that the question of which of two competing applicants can represent the potential claimant class should be determined at the same time as the CAT considers whether the case can proceed at all: Michael O’Higgins FX Class Representative Ltd v … Read more
We have just released our monthly update podcast, in which we discuss and debate the key recent judgments likely to be of interest to financial institutions. This episode is hosted by John Corrie, a partner in our banking litigation team, who is joined by Ceri Morgan and special guest Mannat Sabhikhi. You can also listen … Read more
