‘Victims of serial sex offender Jimmy Savile are a step closer to getting compensation after a judge sanctioned a scheme to award payouts.’
Daily Telegraph, 26th February 2014
Source: www.telegraph.co.uk
‘As many will be aware, the recent RBS swaps cases have thrown up interesting issues, including the proper characterization of legal duties owed by banks and other regulated firms, standard form limitation/exclusion terms, and Limitation Act problems. These issues are further complicated by the LIBOR manipulation points raised in Graisely Properties v Barclays.’
No. 5 Chambers, 24th February 2014
Source: www.no5.com
‘The trial of five people accused of stealing millions of pounds from UK banks using computer technology to access bank accounts has emphasised how vulnerable even the biggest and most secure organisations can be to fraud.’
OUT-LAW.com, 21st February 2014
Source: www.out-law.com
‘Just when the bankers and financiers of the world thought it was safe to begin trading again in the shark infested waters of high finance after showing their contrition with the payment of multi-billion dollar fines to various regulators worldwide following the debacle of the Libor Scandal, a further scandal is looming which has the potential to dwarf Libor and lead to further collateral investigations into other asset classes across the board – welcome to the year of the Forex!’
Six Pump Court, 12th February 2014
Source: www.6pumpcourt.co.uk
‘All Richard Durkin wanted was a laptop with an inbuilt modem. But what he ended up with was an epic 16-year legal tussle, a £250,000 bill for legal fees and, now, a date at the supreme court. The 44-year-old married father of two has been engaged in a David-and-Goliath battle against the bank that he says “annihilated” his credit rating after he walked into his local PC World to buy a £1,500 laptop in 1998.’
The Guardian, 9th January 2014
Source: www.guardian.co.uk
‘Reforms to the UK banking sector aimed at making it more resilient after the 2008 financial crisis have become law. The Financial Services Bill was given Royal Assent on Wednesday after being approved by Parliament earlier.’
BBC News, 19th December 2013
Source: www.bbc.co.uk
‘A judge has reserved judgement in an £85m ($140m) damages claim against the Formula 1 boss Bernie Ecclestone.’
BBC News, 13th December 2013
Source: www.bbc.co.uk
‘Banks are failing to refund some victims of a phone scam that involves people being duped into transferring money from their own bank account to one that is accessible to a fraudster.’
BBC News, 14th December 2013
Source: www.bbc.co.uk
Isis Investments Ltd v Oscatello Investments Ltd and others [2013] EWCA Civ 1493; [2013] WLR (D) 459
“Articles 10(2)(e) and 32 of Council Directive 2001/24/EC required a careful construction of the phrases ‘lawsuits pending’ and ‘pending lawsuit’ if one were to rely on the provisions in order to permit a departure from the general principle contained within article 10(1) that a credit institution should be wound up in accordance with the laws of its home member state.”
WLR Daily, 27th November 2013
Source: www.iclr.co.uk
‘The Government will introduce legislation to cap the cost of payday loans to borrowers, the Chancellor of the Exchequer has announced.’
OUT-LAW.com, 27th November 2013
Source: www.out-law.com
‘A former executive at global financial services firm Morgan Stanley has been jailed for embezzling almost £400,000 to fund a lavish lifestyle.’
BBC News, 26th November 2013
Source: www.bbc.co.uk
‘The government has been defeated in the House of Lords over its plans for reforming the banking system. A Labour amendment to the Financial Services Bill, which would introduce a licensing system for senior bankers, was passed by five votes.’
BBC News, 26th November 2013
Source: www.bbc.co.uk
‘Royal Bank of Scotland has appointed the law firm Clifford Chance to examine damaging allegations that the bailed-out bank is deliberately wrecking viable small businesses to make a profit. The move came as Sir Andrew Large said in a report commissioned by the bank that RBS had left itself open to accusations of conflict of interest by small firms placed in its restructuring division because of its opaque management structure.’
The Guardian, 25th November 2013
Source: www.guardian.co.uk
‘An independent Treasury inquiry into the turmoil at the Co-operative Bank, including the appointment of Paul Flowers as its chairman, was announced tonight by Chancellor George Osborne.’
The Independent, 22nd November 2013
Source: www.independent.co.uk
TFL Management Services Ltd v Lloyds Bank plc [2013] EWCA Civ 1415; [2013] WLR (D) 437
“In determining whether a party had a claim for restitution based on unjust enrichment, the court ought to consider the following four questions: (i) has the defendant benefited or been enriched?; (ii) was the enrichment at the expense of the claimant?; (iii) was the enrichment unjust?; and (iv) was there any specific defence available to the defendant. The issue of whether any benefit was incidental and therefore amounted to a defence to an unjust enrichment claim was to be determined by reference to consideration of those four questions, rather than a formulation of a general exception based on characterisation of the nature of the benefit alone.”
WLR Daily, 14th November 2013
Source: www.iclr.co.uk
“One of the difficulties encountered when advising clients as to the merits of their claim that they have been mis-sold an Interest Rate Hedging Product (IRHP), usually an Interest Rate Swap, is the paucity of decided case law concerning the sale of such products.”
No. 5 Chambers, 21st October 2013
Source: www.no5.com
“Speech at City of London Guildhall on the central importance to the British economy of the rule of law.”
Attorney General’s Office, 14th October 2013
Source: www.gov.uk/ago
“An attempt by MasterCard to avoid a multi-billion damages claim from a dozen retailers because the monthly due diligence costs charged by its lawyers at Jones Day could be as much as £700,000 has been rejected by the High Court.”
The Lawyer, 16th October 2013
Source: www.thelawyer.com
“HM Revenue and Customs (HMRC) will be given ‘too much discretion’ to ‘name and shame’ banks that do not meet strict governance requirements in relation to tax matters under proposed changes to the industry Code of Practice, an expert has said.”
OUT-LAW.com, 14th October 2013
Source: www.out-law.com
“We have seen Santander having trouble in mortgage possession proceedings in Northern Ireland recently. Here is another example which could perhaps, indeed maybe should, have been avoided, if the lender had actually taken proceedings sufficiently seriously.”
NearlyLegal, 11th October 2013
Source: www.nearlylegal.co.uk
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