COURT OF APPEAL JUDGMENT ON SCOPE AND EXCLUSION OF ‘QUINCECARE’ DUTY OF CARE

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

BANKING LITIGATION PODCAST EPISODE 10: MONTHLY UPDATE – SEPTEMBER 2019

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

High Court finds terms of English law Facility Agreement allowed borrower to withhold interest payments given risk of US “secondary” sanctions

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

High Court finds in favour of Lehman administrator in respect of US $7 million trade error and implies term into otherwise “unworkable” debt security trade agreement

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

Banking Litigation Podcast Episode 9: Monthly Update – August 2019

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