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

High Court rejects claim that dealings between bank and client went beyond an ordinary arm’s length bank-client relationship

The High Court has rejected the argument that dealings between Goldman Sachs (“GSI”) and the Libyan Investment Authority (“LIA”) crossed the line from an ordinary arm’s length bank-client relationship to a relationship which gave rise to duties of candour and fairness. It held that, in the absence of any such protected relationship, (i) GSI did … Read more

Banking Litigation Update

We have published our latest Banking Litigation Update, summarising some of the more important cases and developments affecting UK financial institutions over the past six months, including: MIS-SELLING CLAIMS Property Alliance Group v RBS transferred to the Financial List: top tips for parties wishing to successfully transfer proceedings Suresh Sivagnanam v Barclays Bank: High Court … Read more

Commercial Court finds commitment letter unsigned by one party to be legally binding

The recent decision of the Commercial Court in Novus Aviation Limited v Alubaf Arab International Bank BSC(c)[2016] EWHC 1575 (Comm), serves as a cautionary tale to any financial institutions that regularly use letters of commitment. The Court found that a letter of commitment, which was expressed to be “conditional upon satisfactory review and completion of documentation“, was … Read more

Court of Appeal gives guidance for bankers’ references: what to include in a request for reference and the circumstances in which liability may be avoided

The recent decision of the Court of Appeal in Playboy Club London Ltd & Ors v Banca Nazionale Del Lavoro SPA [2016] EWCA Civ 457 is an interesting clarification of the legal principles that apply to bankers’ references. The commercial effect of the judgment is that, if a request for a bank reference: deliberately chooses not to reveal … Read more