English High Court confirms that Sharia non-compliance will not affect the enforceability of an English law agreement in an Islamic finance structure

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

High Court applies public law standard to the exercise of discretion by a financial institution under a receivables finance agreement

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

High Court strikes out claims relating to the mis-selling of interest rate hedging products Supreme Court on contractual interpretation – striking a balance between the language used and the commercial implications

In Wood (Respondent) v Capita Insurance Services Limited (Appellant) [2017] UKSC 24, the Supreme Court has unanimously dismissed an appeal brought by Capita Insurance Services Limited (“Capita”) on the construction of an indemnity clause. The Supreme Court emphasised that it did not seek, once again, to reformulate the guidance to the legal profession, noting that its judgments … Read more

Court of Appeal clarifies interpretation of default interest provisions under commercial mortgage backed securitisation documentation

The recent decision of the Court of Appeal in Credit Suisse Asset Management LLC v Titan Europe 2006-1 Plc [2016] EWCA Civ 1293 will be of interest both to finance lawyers and banking litigators whose practices touch on issues relating to commercial mortgage backed securitisation (“CMBS”). The majority of the Court of Appeal dismissed an appeal brought by … Read more