The recent decision of the Court of Appeal in Taberna Europe CDO II Plc v Selskabet (formerly Roskilde Bank A/S) (In bankruptcy) [2016] EWCA Civ 1262 provides welcome clarity for issuers on the scope of their potential liability under the Misrepresentation Act 1967 (the “1967 Act”) and the use of disclaimers to restrict that scope. The Court of Appeal … Read more

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

Following a series of decisions considering similar issues, the High Court has again granted a bank’s application to strike out an interest rate hedging product (“IRHP“) mis-selling claim on the grounds that it was out of time under the Limitation Act 1980 (the “Act“): Qadir & Hussain v Barclays Bank plc [2016] EWHC 1092 (Comm). Finding in … Read more

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

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

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

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

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