A recent decision of the High Court has, consistent with previous authorities, found in favour of the bank in relation to allegations of interest rate hedging product (“IRHP“) mis-selling: Marz Limited v Bank of Scotland plc. However, the judgment helps to clarify some previously unclear points. The decision represents a useful summary of the key legal … Read more

The High Court has recently considered the interpretation of Section 6(a) of the 1992 ISDA Master Agreement: Grant & Ors v WDW 3 Investments Ltd & Anor [2017] EWHC 2807 (Ch). The judgment considered the situation where the innocent party to a bankruptcy event of default under Section 5(a)(vii) of the 1992 ISDA Master Agreement chose not … Read more

The Financial List in the English High Court has considered the preliminary issue of the validity and enforceability of an agreement governed by English law, which formed part of a complex financial transaction partly governed by UAE law and the principles of Islamic Sharia: Dana Gas PJSC v Dana Gas Sukuk Ltd & Ors[2017] EWHC 2928 … Read more

A recent judgment handed down by the Privy Council is likely to have wide application to mis-selling claims generally: Deslauriers and another (Appellants) v Guardian Asset Management Limited (Respondent) (Trinidad and Tobago) [2017] UKPC 34. In this decision, the Privy Council has confirmed that in a commercial relationship between experienced lenders and borrowers, the lender will not ordinarily … Read more

The Supreme Court has confirmed the position in English law regarding the location of debts created by letters of credit in Taurus Petroleum Limited v State Oil Marketing Company of the Ministry of Oil, Republic of Iraq [2017] UKSC 64. In deciding that the situs of a debt created by a letter of credit is the place … Read more

The Court of Appeal has confirmed that an investor holding a beneficial interest in immobilised notes has no direct claim against the issuer of those notes for breach of contract (unless expressly provided by contract): Secure Capital SA v Credit Suisse AG [2017] EWCA Civ 1486. This case will be of comfort to issuers as the Court … Read more

This time last year, the High Court rejected a claim by the Libyan Investment Authority (“LIA”) that dealings between it and Goldman Sachs (“GSI”) crossed the line from an ordinary arm’s length bank-customer relationship to a relationship which gave rise to duties of candour and fairness. It held that, in the absence of any such … Read more

BHL v Leumi ABL Ltd [2017] EWHC 1871 (QB) serves as an interesting illustration of how the Court can import public law principles to the exercise of a commercial party’s contractual discretion, here in the context of a bank exercising its discretion under a receivables finance agreement. Applying the principles most recently set out by the Supreme … Read more