High Court provides further insights on the risks of Quincecare claims against banks

The High Court has recently handed down another interesting decision on the so-called Quincecare duty: Roberts v The Royal Bank of Scotland plc [2020] EWHC 3141 (Comm). Quincecare duty claims typically arise where a bank received a payment mandate from an authorised signatory of its customer, and executed the order, in circumstances where (allegedly) there … Read more

High Court strikes out “paradigm” claim for reflective loss in the context of allegedly negligent advice on an IPO

The High Court has struck out the most recent claim to engage the so-called “reflective loss” principle, in proceedings brought by a parent company and its subsidiary against advisers that prepared the parent company for its IPO on the Alternative Investment Market (AIM): Naibu Global International Company plc & Anor v Daniel Stewart & Company … Read more

Supreme Court ruling in Merricks: some important clarifications but a number of unresolved issues

On 11 December 2020 the Supreme Court handed down a very significant judgment relating to the certification of a £14bn opt-out competition collective action brought by Walter Merricks against Mastercard, in respect of losses alleged to have resulted from the use of anti-competitive multilateral interchange fees: Mastercard Incorporated & Ors v Merricks [2020] UKSC 51. Although … Read more

FSR Outlook 2021: Paving the Way Forward

Our Financial Services Regulatory team have announced the launch of FSR Outlook 2021: Paving the Way Forward. In this annual publication, the team survey the regulatory landscape in 2021 and identify some themes expected to be at the core of regulatory priorities globally in the next 12 months. 2020 has been dominated by Covid-19, political … Read more

Class Actions in Italy: a second wave of reform

We are continuing to monitor global trends in class actions that are likely to be of interest to financial institutions, particularly in light of the growing trend of so-called class action tourism. Having covered updates in France and Germany, we now share an article from our Milan team, considering the widespread criticisms that have been made of … Read more

Shaping the boundaries of collective redress in Germany – a glimpse of the future under an EU representative action regime?

A recent judgment handed down by Germany’s highest civil court will be of interest to financial institutions concerned about so-called class action tourism. In a decision that will help shape the boundaries of collective redress in Germany, the German court has dismissed a claim brought against a financial institution under the Model Declaratory Action procedure. … Read more