Enforced mergers in banking sector provide new headache for regulators – The Times
“Our correspondent examines the changing role that confronts the Office of Fair Trading.”
The Times, 30th September 2008
Source: www.timesonline.co.uk
Category: banking
Financial crisis: £50,000 in savings to be repaid if your bank fails – Daily Telegraph
“Savers will be guaranteed that at least £50,000 of their money will be repaid if their bank collapses, under plans to be unveiled by the Government.”
Daily Telegraph, 1st October 2008
Source: www.telegraph.co.uk
Bankers could sue if FSA action leads to slashed bonuses – OUT-LAW.com
“Bankers could sue their employers if their bonuses are cut in the aftermath of the financial meltdown of the past 10 days, according to one employment law expert who said City workers have a ‘significant expectation’ of large bonuses.”
OUT-LAW.com, 24th September 2008
Source: www.out-law.com
Falconer: Lehman collapse to trigger wave of ‘mega disputes’ – The Times
“The collapse of Lehman Brothers in an already struggling world economy will trigger an explosion of ‘mega litigation’ according to the former Lord Chancellor, Lord Falconer of Thoroton.”
The Times, 18th September 2008
Source: www.timesonline.co.uk
Morgan Stanley faces £9m lawsuit over failed Irish mortgage venture – The Times
“Morgan Stanley is facing a €12 million (£9 million) legal action after turmoil in credit markets forced the investment bank to abandon plans to enter the Irish mortgage market.”
The Times, 19th August 2008
Source: www.timesonline.co.uk
Bank charges: Complaints waiver extended – The Guardian
“Banks will not have to consider giving refunds to customers who complain about unauthorised charges for at least six months, the City watchdog said today.”
The Guardian, 21st July 2008
Source: www.guardian.co.uk
Office of Fair Trading threatens banks over current account charges – The Times
“The Office of Fair Trading (OFT) today threatened to report banks to the Competition Commission after finding that the current account market did not offer good value for customers.”
The Times, 16th July 2008
Source: www.timesonline.co.uk
UBS fails in bid to fight sub-prime lawsuit in London – The Times
“The Swiss bank has been told by the High Court that it must defend itself against a £100m lawsuit in the US, not in London.”
The Times, 8th July 2008
Source: www.timesonline.co.uk
Clerk jailed for £72m bank fraud – BBC News
“A bank clerk who tried to steal almost £72m from the HSBC bank has been jailed for nine years.”
BBC News, 7th July 2008
Source: www.bbc.co.uk
Lancore Services Ltd v Barclays Bank plc – WLR Daily
Lancore Services Ltd v Barclays Bank plc [2008] EWHC 1264 (Ch); [2008] WLR (D) 214
“The implication of a temporal limitation upon the right of a merchant acquirer to withhold payment to a merchant for goods and services provided by a third party was not permissible and would go far beyond any acceptable process of implication or construction.”
WLR Daily, 1st July 2008
Source: www.lawreports.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
Northern Rock considers legal action against former board – The Times
“Northern Rock has confirmed that its new bosses have launched an investigation into whether legal action can be taken against the now-nationalised bank’s former board.”
The Times, 18th June 2008
Source: www.timesonline.co.uk
High Court pressed for early hearing on Rock shareholders’ battle with Treasury – The Times
“The Government has called for an early hearing of the court case in which Northern Rock shareholders are suing the Treasury over the nationalisation of the bank, The Times has learnt.”
The Times, 7th June 2008
Source: www.timesonline.co.uk
Competition Commission looks into banks’ payment protection – The Times
“Banks that have sold payment protection insurance (PPI) could face a wave of compensation claims after the Competition Commission said that 14 million consumers had been overcharged by an estimated £1.4 billion, or an average of £100 a year.”
The Times, 6th June 2008
Source: www.timesonline.co.uk
Barclays bank rejects customers to comply with US terror law – The Times
“Barclays is using controversial American anti-terrorism laws to shut down the personal bank accounts of British citizens who are working for Iranian-owned businesses …”
The Times, 6th June 2008
source: www.timesonline.co.uk
Office of Fair Trading raids bank offices as part of price-fixing inquiry – The Times
“The Office of Fair Trading conducted a series of dawn raids at offices of Barclays and Royal Bank of Scotland (RBS) as part of an investigation into price-fixing on loans to lawyers and accountancy firms.”
The Times, 3rd June 2008
Source: www.timesonline.co.uk
Banks may appeal charges ruling – The Guardian
“Current account providers are to appeal a court ruling over overdraft charges that looked set to allow consumers to reclaim billions of pounds, it was reported today.”
The Guardian, 21st May 2008
Source: www.guardian.co.uk
Why we need a banking bill – The Guardian
“The banking reform bill announced by Gordon Brown today (14 May) was prompted by the collapse of Northern Rock, which exposed significant problems with the current system.”
The Guardian, 14th May 2008
Source: www.guardian.co.uk
Rock shareholders begin legal bid – BBC News
“Shareholders in nationalised bank Northern Rock are launching a court challenge over compensation they are due to receive.”
BBC News, 8th May 2008
Source: www.bbc.co.uk
Office of Fair Trading v Abbey National plc and Others – Times Law Reports
Office of Fair Trading v Abbey National plc and Others
Queen’s Bench Division
“Terms in standard form contracts between bank and customer providing for relevant charges were not exempt from assessment as to fairness.”
The Times, 29th April 2008
Source: www.timesonline.co.uk
Please note the Times Law Reports are only available free on Times Online for 21 days from the date of publication.
