Illegal counterfactuals: bringing in new claims by the backdoor? – Competition Bulletin from Blackstone Chambers

Posted February 24th, 2016 in banking, competition, damages, illegality, news, utilities by sally

‘It is fairly well-established in competition cases that the hypothetical counterfactual – which, for the purposes of causation, posits what the situation would have been absent any breach of competition law – cannot contain unlawful elements: see e.g. Albion Water Ltd v Dwr Cymru [2013] CAT 6. In a normal case, C will claim damages, arguing – let’s say – that D abused a dominant position by imposing discriminatory prices. D defends the claim on the basis that, absent any abuse, it would have set prices at a certain (high) level. C replies that those prices too would have been discriminatory – i.e. the counterfactual is inappropriate.’

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Competition Bulletin from Blackstone Chambers, 24th February 2016

Source: www.competitionbulletin.com

‘Disproportionate’ disclosure application denied in swaps mis-selling claim – Commercial Disputes Blog

‘In Claverton Holdings Ltd v Barclays Bank plc, the Commercial Court rejected an application by the claimant for specific disclosure against the defendant bank. The court found that the documents sought, which related to other mis-selling allegations against the bank employees featuring in the claimant’s case, would have little probative value and adducing them would place a disproportionate burden on the defendant.’

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Commercial Disputes Blog, 16th February 2016

Source: www.rpc.co.uk

Savers pay hundreds for bank account mis-selling claims rejected by ombudsman – Daily Telegraph

‘Financial Ombudsman Service says claims made through third-party companies much less likely to be upheld.’

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Daily Telegraph, 20th February 2016

Source: www.telegraph.co.uk

City watchdogs investigate financial age discrimination – Daily Telegraph

‘The FCA may for the first time create special rules to protect the interests of the elderly.’

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Daily Telegraph, 20th February 2016

Source: www.telegraph.co.uk

EU court ruling on Iranian bank paves way for claims against UK – The Guardian

Posted February 19th, 2016 in banking, compensation, EC law, Iran, news, sanctions by sally

‘Bank Mellat, an Iranian firm whose assets were frozen due to alleged involvement in nuclear proliferation, has won a European Union court ruling paving the way for claims against the UK.’

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The Guardian, 18th February 2016

Source: www.guardian.co.uk

UK counter-terrorism laws ‘harming aid efforts of Islamic charities’ – The Guardian

Posted February 15th, 2016 in banking, budgets, charities, complaints, inquiries, Islam, news, terrorism by sally

‘The former international development secretaries have called for an inquiry into the way in which UK counter-terrorism laws are hampering the humanitarian work of Islamic charities, including some of the few British charities capable of operating inside Syria.’

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The Guardian, 12th February 2016

Source: www.guardian.co.uk

Theresa May to announce task force to crack down on ‘most wanted’ fraud suspects – The Independent

Posted February 10th, 2016 in banking, fraud, news, police by sally

‘Britain’s 10 most wanted suspected financial fraudsters will be identified as part of a crackdown by banks and police announced by Theresa May.’

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The Independent, 10th February 2016

Source: www.independent.co.uk

Libor trial: It was the prosecution that couldn’t go wrong… until it did – The Independent

Posted February 10th, 2016 in banking, fraud, interest, news, prosecutions, trials by sally

‘By day four of the trial, one of the jurors had fallen asleep. Liam Vaughan reports on how the Serious Fraud Office’s case against six City brokers accused of conspiring with Tom Hayes came to grief amid a welter of jargon and inconsistencies.’

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The Independent, 10th November 2016

Source: www.independent.co.uk

MPs to debate whether Financial Conduct Authority is up to job of regulating City – The Guardian

Posted February 1st, 2016 in banking, financial regulation, financial services ombudsman, news, parliament by tracey

‘The Financial Conduct Authority is expected to face criticism on Monday when MPs debate a motion on whether it is up to the job of regulating behaviour in the City.’

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The Guardian, 31st January 2016

Source: www.guardian.co.uk

Financial list for cases over £50m working well, Mr Justice Blair says – Litigation Futures

Posted January 28th, 2016 in banking, budgets, costs, financial regulation, judges, news, pilot schemes, speeches, trials by sally

‘The ‘financial list’ launched by the High Court in October last year for claims linked to the financial markets and worth over £50m is “operating well”, Mr Justice Blair has said.’

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Litigation Futures, 27th January 2016

Source: www.litigationfutures.com

Libor trial: Five brokers found not guilty of helping to rig rates – The Independent

Posted January 28th, 2016 in banking, conspiracy, fraud, interest, news by sally

‘Five former brokers, who were accused of helping the convicted trader Tom Hayes to rig benchmark interest rates, have walked free after a jury acquitted them.’

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The Independent, 28th January 2016

Source: www.independent.co.uk

Court of Appeal permits early redemption of Lloyds Banking Group’s Enhanced Capital Notes – Commercial Disputes Blog

Posted January 13th, 2016 in appeals, banking, contracts, financial regulation, interpretation, news, time limits by sally

‘In BNY Mellon Corporate Trustee Services Ltd v LBG Capital No.1 and No. 2 Plc, the Court of Appeal reversed the first instance decision of the High Court, by allowing early redemption of certain convertible securities (known as Enhanced Capital Notes, or ECNs).’

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Commercial Disputes Blog, 4th January 2016

Source: www.rpc.co.uk

City watchdog denies going soft on banks after dropping inquiry – The Guardian

Posted January 11th, 2016 in banking, financial regulation, inquiries, news, ombudsmen, tax avoidance by tracey

‘The acting chief executive of the City watchdog has denied claims it has gone soft on banks following the decision to drop its inquiry into banking culture.’

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The Guardian, 9th January 2016

Source: www.guardian.co.uk

Bank fined after outsourcing faults led to improper money transfers and exposure to financial risk – OUT-LAW.com

Posted December 3rd, 2015 in banking, financial regulation, fines, news by tracey

‘The Prudential Regulatory Authority (PRA) has fined a bank more than £1 million after finding that faults with its outsourcing arrangements helped rogue employees at a third party service provider to move money out of its bank accounts without its knowledge or consent and put the bank’s own financial health at risk.’

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OUT-LAW.com, 2nd December 2015

Source: www.out-law.com

Jailed Libor trader Tom Hayes denied fair trial, says lawyer – The Guardian

Posted December 2nd, 2015 in appeals, banking, codes of practice, conspiracy, fines, fraud, juries, news, standards by sally

‘Th judge who sentenced a former trader to 14 years in jail for conspiracy to rig Libor blocked the defence from presenting key evidence about a banking industry that routinely flouted rules, the court of appeal has heard.’

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The Guardian, 1st December 2015

Source: www.guardian.co.uk

Menelaou v Bank of Cyprus plc – WLR Daily

Posted November 26th, 2015 in appeals, banking, law reports, restitution, Supreme Court by tracey

Menelaou v Bank of Cyprus plc: [2015] UKSC 66; [2015] WLR (D) 438

‘Where a person was given a property by her parents bought with money from the sale of the family home, made possible by a bank having agreed to release its charges over the family home (securing the parents’ borrowing) to allow it to be sold, in return for receiving a lump sum payment out of the proceeds of sale to reduce the borrowing and a fresh charge over the new property to secure the remaining indebtedness, but— because the person had not been told of the fresh charge and it had been defectively executed— the new charge was void, the bank had an equitable interest in the new property to the extent of the value of the purported charge, which it could enforce by means of subrogation to an unpaid vendor’s lien.’

WLR Daily 4th November 2015

Source: www.iclr.co.uk

HBOS collapse: report recommends formal investigation into executives – The Guardian

Posted November 20th, 2015 in banking, financial regulation, news, reports by tracey

‘Regulators will conduct a review into whether enforcement action against management team should be taken “as early as possible next year.” ’

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The Guardian, 19th November 2015

Source: www.guardian.co.uk

Regulators to report on HBOS failings – BBC News

Posted November 19th, 2015 in banking, financial regulation, news, reports by tracey

‘A report into the collapse of HBOS is due later and is expected to be critical of its former bosses.’

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BBC News, 19th November 2015

Source: www.bbc.co.uk

Hundreds to seek compensation for bank mis-selling – Law Society’s Gazette

Posted October 29th, 2015 in banking, compensation, consumer protection, news by sally

‘Hundreds of firms are set to pursue claims against banks for mis-selling interest rate hedging products before the financial crash, in an area which could generate thousands of claims for compensation.’

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Law Society’s Gazette, 27th October 2015

Source: www.lawgazette.co.uk

Bank Mellat and disclosure in closed material proceedings

‘Bank Mellat is an Iranian bank, initially subjected to a 2009 order which prohibited anybody in the UK from dealing with it – until the Supreme Court quashed it: here, and my posts here and here. ‘

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UK Human Rights Blog, 28th October 2015

Source: www.ukhumanrightsblog.com