Commercial Litigation

The Board’s responsibility to manage risk: key legal and compliance issues – a disputes perspective

At this recent conference, held by Herbert Smith Freehills and attended by close to a hundred clients, we explored some key legal and compliance risks facing major corporates and how those risks can be mitigated. After opening remarks by dispute … Continue reading

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Filed under Banking, Bribery and Corruption, Commercial Litigation, Corporate Crime, Insurance, Investment banking, UK, UK Regulations

UK: ‘Dialogue with the Regulator’ – CEDR financial services event on 9 October 2014

At a breakfast session on 9 October at Herbert Smith Freehills’ London office, the Centre for Effective Dispute Resolution (CEDR) will convene a debate exploring the role for facilitative discussion and negotiation between regulated firms and their regulators.  The debate, led by Dr Karl Mackie CBE (CEDR … Continue reading

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Filed under Commercial Litigation, FCA, PRA

Australia: Practical steps to maintain privilege when communicating with non-legal advisers

The recent Federal Court decision in Asahi Holdings (Australia) Pty Ltd v Pacific Equity Partners Pty Limited (No 4) [2014] FCA 796 highlights the limited extent to which privilege subsists in emails and draft transaction documents created by or disseminated … Continue reading

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Filed under Australia, Commercial Litigation, Investment banking

Supreme Court corrects “wrong turn” in English law, holding that bribes received by an agent are held on trust for the principal

Who is the rightful owner of a bribe?  Is a bribe or secret commission received by an agent “held on trust” for his principal?  Or is the principal’s claim against the agent a personal one for equitable compensation equal to … Continue reading

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Filed under Bribery and Corruption, Commercial Litigation, UK

Liability of Credit Rating Agencies confirmed by Australian Appeal court

The Full Federal Court in Australia has confirmed that, as a matter of Australian common law, a rating agency owes a duty of care to investors in a rated financial product.  The essential basis on which the Full Federal Court … Continue reading

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Filed under Australia, Banking, Commercial Litigation

UK: Supreme Court refuses permission to appeal in two misselling claims

We have previously reported on the progress of two pending cases in the High Court (Graiseley Properties v Barclays Bank and Deutsche Bank v Unitech Global) that have been widely viewed as test cases on the potential for private claims by customers who … Continue reading

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Filed under Banking, Commercial Litigation, Retail Banks, UK

UK: High Court refuses to order bank to disclose its Credit Process Guide

In pre-action correspondence, a Bank disclosed its underwriting guidelines for mortgages, which stated they were to be read in conjunction with the key credit policy document for the relevant business, a Credit Process Guide.  Unsurprisingly, the defendants sought disclosure of … Continue reading

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Filed under Banking, Commercial Litigation, Investment banking, UK

Court of Appeal allows LIBOR claims to proceed

The Court of Appeal has allowed parties to two claims against LIBOR panel banks to amend their pleadings to include allegations that the banks made implied representations relating to the accuracy of LIBOR. In doing so, the Court held that … Continue reading

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Filed under Banking, Commercial Litigation, UK

Australian civil penalty settlement agreements: a new approach – ASIC v Ingleby

The recent decision of ASIC v Ingleby in the Victorian Supreme Court of Appeal signals a new approach by Victorian courts to negotiated settlements of civil penalty proceedings. This is a departure from the approach previously taken by the Federal … Continue reading

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Filed under Australia, Commercial Litigation, Non-UK regulation

Our new Asia disputes blog

We have today launched Herbert Smith Freehills’ new Asia disputes blog, Asia Disputes Notes, where you will find the latest updates on disputes related topics from across the Asian jurisdictions in which we operate (Hong Kong and Greater China, Southeast … Continue reading

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Filed under Asia, Commercial Litigation