Biannual Banking Litigation Update (Autumn 2021)

Welcome to the Autumn 2021 edition of our biannual Banking Litigation Update, in which we highlight the most important cases and developments affecting UK financial institutions over the past six months. Read the full Banking Litigation Update here. We have also recorded a short video to provide a high level overview of developments during this period, … Read more

Article published on collective assurance activities and the risk management of outsourcing arrangements

Our Financial Services Regulatory team have published an article in the September 2021 edition of Butterworths Journal of International Banking and Financial Law, making the case for more guidance from sectoral regulators and competition authorities to allow banks and their service providers to get comfortable with the option to participate in collective assurance activities, as … Read more

The UK’s LIBOR safe harbour legislation: a missed opportunity?

The Critical Benchmarks (References and Administrators’ Liability) Bill (Bill) was today introduced to the UK Parliament and the first reading took place. The Bill introduces a legal “safe harbour” within the primary legislative framework for the UK’s LIBOR legislative solution, the Financial Services Act 2021 (FSA 2021). It follows a consultation paper published by HMT … Read more

Supreme Court clarifies requirements for tort of lawful act economic duress

The Supreme Court has dismissed an appeal against a Court of Appeal decision which found that a contract should not be rescinded on the basis of lawful act economic duress, in circumstances where the defendant had threatened to end any contractual relationship with the claimant (as it was entitled to do) unless the claimant waived … Read more

High Court finds accountants’ investigation report not protected by litigation privilege and considers requirements for obtaining disclosure under the Disclosure Pilot

The High Court has granted an application by a claimant state for orders that the defendant bank disclose an accounting firm’s investigation report (and associated documents) originally withheld from disclosure on the grounds of litigation privilege, as well as to disclose certain categories of documents on a Model E or “train of enquiry” basis and … Read more