In Part 8 proceedings brought by the trustee of certain unsecured notes, the High Court has refused to exercise its discretion to grant declarations as to the amounts due and payable by the issuer of the notes: The Bank of New York Mellon, London Branch v Essar Steel India Ltd [2018] EWHC 3177 (Ch). The court reached … Read more

In a recent decision in the context of a judicial review, the High Court held that the SFO was able to compel a foreign company to produce documents located outside the jurisdiction, pursuant to s.2(3) of the Criminal Justice Act 1987 (CJA), where there was “a sufficient connection between the company and the jurisdiction”: R (On … Read more

Welcome to our latest Banking Litigation Update in which we highlight a number of the most important cases and developments affecting UK financial institutions over the past 6 months. One of the most significant developments during this period is the Court of Appeal’s privilege decision in SFO v ENRC. Financial institutions and their legal advisers alike … Read more

The Court of Appeal has dismissed an appeal against the High Court’s decision that Morrisons was vicariously liable for its employee’s misuse of data, despite: (i) Morrisons having done as much as it reasonably could to prevent the misuse; and (ii) the employee’s intention being to cause reputational or financial damage to Morrisons itself: Wm Morrisons … Read more

Standish & Ors v The Royal Bank of Scotland plc & Anor [2018] EWHC 1829 (Ch) will be of interest to financial institutions seeking to enforce rights or exercise powers under facility agreements. In particular, where counterparties allege the existence of implied duties which they allege restrict the exercise of express rights and powers in facility agreements, … Read more

There has been a significant rate of global growth of litigation in the financial services sector following the 2008 global financial crisis. While the existence of financial services litigation is truly a global phenomenon, it has become apparent that the law and procedures in relation to such disputes have evolved in different ways across the … Read more

The Court of Appeal has today handed down its eagerly awaited decision in the ENRC appeal: The Director of the Serious Fraud Office v Eurasian Natural Resources Corporation Ltd [2018] EWCA Civ 2006. At first instance, the High Court took a restrictive approach to both litigation privilege and legal advice privilege (see our summary of the decision here). … Read more

The question of whether ‘negative interest’ will be payable by a transferor of cash collateral in the context of a standard form ISDA 1995 Credit Support Annex (Bilateral Form – Transfer) (“CSA“) has been considered by the Commercial Court in The State of the Netherlands v Deutsche Bank AG [2018] EWHC 1935 (Comm). The court found that … Read more