The US Court of Appeals for the Second Circuit has handed down a decision that potentially increases the scope for parties in non-US legal proceedings to use the US courts to access evidence held by US-connected entities, even if that evidence is not located in the US: In re: Application of Antonio del Valle Ruiz, No. … Read more
The Court of Appeal has recently handed down an important judgment considering the so-called Quincecare duty of care: JPMorgan Chase Bank, N.A. v The Federal Republic of Nigeria [2019] EWCA Civ 1641. The Quincecare duty arises in the context of a deposit holding financial institution receiving and processing a payment mandate in relation to a … Read more
We are delighted to announce the launch of a brand new podcast channel to provide regular bite-sized broadcasts covering both litigation and regulatory developments for banks and other financial institutions. You can subscribe for the new channel here (we suggest doing this from your mobile device so you can select your preferred app for listening to … Read more
In our monthly update podcast, we look at key recent judgments likely to be of interest to financial institutions. Also listen on Apple or Spotify. You can find links to our blog posts on the cases covered in this podcast below: High Court finds in favour of Lehman administrator in respect of US $7 million … Read more
In a recent decision, the High Court has found that the terms of a Facility Agreement governed by English law allowed the borrower to withhold payment of interest instalments where there was a risk of secondary sanctions being imposed on the borrower under US law, notwithstanding that the Facility Agreement had no connection with the … Read more
The High Court has endorsed the use of an interpleader application pursuant to CPR Part 86 by a financial services firm seeking guidance from the court to determine the appropriate recipient of funds which are subject to potentially competing claims: Global Currency Exchange Network Ltd v Osage 1 Ltd [2019] EWHC 1375 (Comm). Part 86 … Read more
A recent High Court decision has found that it was necessary to imply a term into an otherwise unworkable debt security trade agreement: Lehman Brothers International (Europe) (In Administration) v Exotix Partners LLP [2019] EWHC 2380 (Ch). The approach of the court towards implying terms into a contract is highly restrictive (see our litigation blog … Read more
In our monthly update podcast, we look at key recent judgments likely to be of interest to financial institutions. Also listen on Apple or Spotify. You can find links to our blog posts on some of the cases covered in this podcast below: Court of Appeal clarifies test for rectifying terms of written contract for common mistake Commercial … Read more
In an important recent decision, the Court of Appeal has confirmed the test for rectifying a contractual document on the grounds of common mistake: FSHC Group Holdings Ltd v GLAS Trust Corporation Ltd [2019] EWCA Civ 1361. In summary, the court confirmed that to establish a claim for rectification, a party must prove that the document failed … Read more
