BANKING LITIGATION PODCAST EPISODE 37: MONTHLY UPDATE – NOVEMBER/DECEMBER 2022 (CHRISTMAS SPECIAL!)

We have just released the CHRISTMAS SPECIAL edition of our monthly update podcast, in which we discuss and debate the key recent judgments likely to be of interest to financial institutions. This episode is hosted by John Corrie, a partner in our banking litigation team, who is joined by Ceri Morgan and special guests Elena Kormosh, Scott Warin, Tom Wyer and Catherine Bagge.


You can also listen on Apple, Spotify, Buzzsprout and SoundCloud, and find links to our blog posts on the cases covered in this podcast below:

Please subscribe to the podcast channel here to listen to our regular bite-sized broadcasts covering both litigation and regulatory developments for banks and other financial institutions.

John Corrie
John Corrie
Partner
+44 20 7466 2763
Ceri Morgan
Ceri Morgan
Professional Support Consultant
+44 20 7466 2948
Elena Kormosh
Elena Kormosh
Senior Associate
+44 20 7466 2023
Scott Warin
Scott Warin
Associate
+44 20 7466 2479
Tom Wyer
Tom Wyer
Associate
+44 20 7466 7579
Catherine Bagge
Catherine Bagge
Associate
+44 20 7466 7499

Herbert Smith Freehills launches new edition of Class Actions in England and Wales

Herbert Smith Freehills has launched the second edition of our text, Class Actions in England and Wales. The book was co-authored by Herbert Smith Freehills lawyers and published in the UK by Sweet & Maxwell. It has been edited by Damian Grave, Maura McIntosh and Gregg Rowan and co-authored, in addition, by partners Greig Anderson, Neil Blake, Simon Clarke, Julian Copeman, Kim Dietzel, Harry Edwards, Rupert Lewis, Andrew Taggart, Howard Watson, Alan Watts and Stephen Wisking.

Class actions have become an increasingly significant area of law and procedure, with growing numbers of claims being brought by large groups of claimants. This text will provide a comprehensive source of guidance for those looking to bring or defend class action litigation in England and Wales.

The second edition has been updated to reflect significant decisions and developments affecting class actions since the first edition was published in 2018. It also includes four new chapters on the following topics: data protection claims, product liability, insurance, and employment.

For more information, please see our litigation blog post.

BANKING LITIGATION PODCAST EPISODE 36: MONTHLY UPDATE – SEPTEMBER/OCTOBER 2022

We have just released our monthly update podcast, in which we discuss and debate the key recent judgments likely to be of interest to financial institutions. This episode is hosted by John Corrie, a partner in our banking litigation team, who is joined by Ceri Morgan and special guest Elena Kormosh.

You can also listen on Apple, Spotify and SoundCloud, and find links to our blog posts on the cases covered in this podcast below:

Please subscribe to the podcast channel here to listen to our regular bite-sized broadcasts covering both litigation and regulatory developments for banks and other financial institutions.

John Corrie
John Corrie
Partner
+44 20 7466 2763
Ceri Morgan
Ceri Morgan
Professional Support Consultant
+44 20 7466 2948
Elena Kormosh
Elena Kormosh
Senior Associate
+44 20 7466 2023

Interpreting ICC standardised rules in trade finance disputes: courts take an international perspective

Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law on interpreting International Chamber of Commerce (ICC) standardised rules in trade finance disputes.

Banking practice in areas of trade finance such as demand guarantees and letters of credit is standardised by a collection of contractual rules published by the ICC. The application of domestic contractual interpretation principles may risk inconsistency in the way such rules are construed between jurisdictions. However, in relation to the most commonly used rules (the UCP 600, which apply to letters of credit), several courts (including the English courts) have tried to ensure that the rules are interpreted consistently with reference to their international consequences, as opposed to strictly in accordance with the governing law of the contract.

In our article we examine a number of decisions demonstrating a trend towards construing other sets of ICC standardised rules in the same way as the UCP 600 and the broader implications for ICC standardised rules.

The article can be found here: Interpreting ICC standardised rules in trade finance disputes: courts take an international perspective. This article first appeared in the September 2022 edition of JIBFL.

Ajay Malhotra
Ajay Malhotra
Partner
+44 20 7466 7605
Ceri Morgan
Ceri Morgan
Professional Support Consultant
+44 20 7466 2948
Zoe Diepstraten
Zoe Diepstraten
Trainee
+44 20 7466 2897

Banking on People

We are excited to announce the launch of the 2022 Global Bank Review: Banking on People.

Surveying the current landscape of the financial sector in late 2022, it is hard to avoid the sense of an industry once again facing a severe squeeze. One thing is certain: global finance is currently facing mounting pressure to invest long-term for a low-carbon, high-tech world in the decades to come, while bracing itself for intense economic headwinds and volatility on the immediate horizon.

Those conflicting pressures can be seen in almost all aspects of the industry, but perhaps none more so than in the life blood of finance: its people. Against this backdrop, ‘Banking on People’ delves deeper into the people-centric strategic issues banks are grappling with, including the industry’s ability to attract and retain talent; the risks and reward of AI-assisted banking; the rise of activism; and the increased regulatory scrutiny on culture and conduct. We also feature insights from bank GCs on the evolving role of in-house legal teams, including:

  • Sharon Cook, Group Executive, Legal and Commercial Services at National Australia Bank
  • René du Preez, Group Chief Legal Officer at Standard Bank Group
  • Barbara Levi, Group General Counsel at UBS

You will find all of these challenges and more explored in this year’s Global Bank Review, our sixth annual review drawing on a wealth of sector experience from across our network. Getting through the squeeze will require insight, judgement, and a keen grip on a changing risk environment. We hope this edition helps you navigate the journey.

The publication can be accessed here: 2022 Global Bank Review – Banking on People.

GLOBAL BANK SECTOR CO-CHAIRS

Hannah Cassidy
Hannah Cassidy
Partner
+852 2101 4133
Simon Clarke
Simon Clarke
Partner
+44 20 7466 2508
Tony Damian
Tony Damian
Partner
+61 2 9225 5784

Biannual Banking Litigation Update (Autumn 2022)

Welcome to the Autumn 2022 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, which you can access here:

The content of this edition of our Banking Litigation Update is as follows:

Contractual Construction

Duties in Financial Services

Mis-selling and Misrepresentation

Securities Litigation / Class Actions

Cryptoassets

Procedural Developments

Disclosure and Privilege

Factual and Expert Evidence

Covid-19

Jurisdiction

Other Significant Developments

We hope you find our update useful and, as ever, please feel free to contact your usual Herbert Smith Freehills contact if there are any topics that you would like to discuss further.

Rupert Lewis
Rupert Lewis
Partner
+44 20 7466 2517
Ceri Morgan
Ceri Morgan
Professional Support Consultant
+44 20 7466 2948
Nihar Lovell
Nihar Lovell
Professional Support Lawyer
+44 20 7466 2529

Russian sovereign debt defaults: a disputes perspective

Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law (JIBFL) on Russia’s default on its foreign currency sovereign debts from the perspective of potential disputes and litigation.

Russia’s default on its foreign currency sovereign bonds is unprecedented and likely to lead to bondholder litigation as well as derivatives disputes. The article highlights the reasons for Russia’s default and explores the scope of potential bondholder litigation, together with some of the obstacles which bondholders may face in bringing claims against Russia. The article then considers the ripple effect on the derivatives market, where it is possible that investors in products linked to Russian debt may seek to recover losses by bringing mis-selling claims.

The article can be found here: Russian sovereign debt defaults: a disputes perspective and first appeared in the September 2022 edition of JIBFL.

Daniel May
Daniel May
Senior Associate
+44 20 7466 7608
Ceri Morgan
Ceri Morgan
Professional Support Consultant
+44 20 7466 2948
Nick May
Nick May
Partner
+44 20 7466 2617
Susannah Cogman
Susannah Cogman
Partner
+44 20 7466 2580
Minolee Shah
Minolee Shah
Professional Support Consultant
+44 20 7466 207

BANKING LITIGATION PODCAST EPISODE 35: MONTHLY UPDATE – JULY/AUGUST 2022

We have just released our monthly update podcast, in which we discuss and debate the key recent judgments likely to be of interest to financial institutions. This episode is hosted by John Corrie, a partner in our banking litigation team, who is joined by Ceri Morgan and special guest Catherine Bagge.

You can also listen on Apple, Spotify and SoundCloudand find links to our blog posts on the cases covered in this podcast below:

Please subscribe to the podcast channel here to listen to our regular bite-sized broadcasts covering both litigation and regulatory developments for banks and other financial institutions.

John Corrie
John Corrie
Partner
+44 20 7466 2763
Ceri Morgan
Ceri Morgan
Professional Support Consultant
+44 20 7466 2948
Catherine Bagge
Catherine Bagge
Associate
+44 20 7466 7499

Herbert Smith Freehills contributes chapter to The Securities Litigation Review (8th Edition)

Herbert Smith Freehills have contributed the England and Wales chapter of The Securities Litigation Review. Now in its eighth edition, The Securities Litigation Review is a guided introduction to the class action regimes for securities claims in the key jurisdictions across the globe, providing a valuable resource for corporates and financial institutions who might face such claims.

Download chapter

Reproduced with permission from Law Business Research Ltd. This article was first published in May 2022. For further information please contact Nick.Barette@thelawreviews.co.uk.

Previous Editions:

7th edition 2021

6th edition 2020

5th edition, 2019

4th edition, 2018

3rd edition, 2017

Harry Edwards
Harry Edwards
Partner
+61 3 9288 1821
Jon Ford
Jon Ford
Senior Associate
+44 20 7466 2539

BANKING LITIGATION PODCAST EPISODE 33: MONTHLY UPDATE – MARCH/APRIL 2022

We have just released our monthly update podcast, in which we discuss and debate the key recent judgments likely to be of interest to financial institutions. This episode is hosted by John Corrie, a partner in our banking litigation team, who is joined by Ceri Morgan and special guest Wilkie Hollens.

You can also listen on Apple, Spotify and SoundCloudand find links to our blog posts on the cases covered in this podcast below:

Please subscribe to the podcast channel here to listen to our regular bite-sized broadcasts covering both litigation and regulatory developments for banks and other financial institutions.

John Corrie
John Corrie
Partner
+44 20 7466 2763
Ceri Morgan
Ceri Morgan
Professional Support Consultant
+44 20 7466 2948
Wilkie Hollens
Wilkie Hollens
Associate
+44 20 7466 6327