‘Barclays is not liable for the alleged sexual assault of more than 100 patients by a doctor carrying out medicals on the bank’s behalf, the supreme court has ruled.’
The Guardian, 1st April 2020
Source: www.theguardian.com
‘Employee monitoring and surveillance can be a thorny issue. Some monitoring of employee activity may be required for reasons of security or to protect an employer’s resources from abuse. However, while an employer may justify a monitoring measure on the basis of economic imperative, it could also be viewed by its employees, the public or the courts as unjustified snooping.’
The 36 Group, 12th March 2020
Source: 36group.co.uk
‘The Appellant was a corporate and investment bank (the “Bank”). On 7 May 2015, it entered into a Sale and Purchase Agreement (the “Agreement”) as the seller of a 23.8% shareholding in an Indonesian company traded on the London Stock Exchange. The Respondent solicitors, (“Ashurst”), had acted for the First Defendant, the counterparty buyer under the Agreement (“ACE”).’
Hardwicke Chambers, 5th March 2020
Source: hardwicke.co.uk
‘When major financial institutions go to the wall the ensuing legal squabbles over the carcases often provide rich seams that can be mined to provide judicial clarification of the law for the benefit of all. The spectacular collapse of the Lehman Brothers empire is no exception and the latest chapter does not disappoint. In Lehman Brothers Australia Ltd (In Liquidation) v Macnamara & Ors (Joint Administrators of Lehman Brothers International (Europe) (In Administration)) [2020] EWCA Civ 321, the Court of Appeal (Patten, David Richards, Newey LJJ) has provided some timely and useful clarification on the correct test for the court to apply when considering the exercise of its inherent jurisdiction to control its officers within the principle of Re Cordon, Ex p. James (1873-74) LR 9 Ch App 609 or through the more specifically targeted statutory provisions for such control, as for example those in para 74 of Schedule B1 to the Insolvency Act 1986 (IA 1986) with regard to administrators. In the present climate induced by Coronavirus (COVID-19), any clarity that makes the necessity of going to court less likely is to be doubly welcomed.’
Hardwicke Chambers, 17th March 2020
Source: hardwicke.co.uk
‘Three former top Barclays executives have been cleared of fraud charges linked to how the bank raised billions from Qatar in the financial crisis.’
BBC News, 28th March 2020
Source: www.bbc.co.uk
‘Banking & Finance analysis: Ben Archer, barrister, at 4 New Square, examines a High Court decision that a guarantee given by the first defendant company director to secure the company’s liabilities to the claimant bank was enforceable but a similar guarantee given by the second defendant company director, who was the first defendant’s wife, was not enforceable as her execution of it had resulted from his undue influence.’
4 New Square, 7th February 2020
Source: www.4newsquare.com
‘The wife of a jailed “fat cat banker” who splurged millions at Harrods has lost her appeal over the UK’s first so-called McMafia wealth order.’
The Independent, 6th February 2020
Source: www.independent.co.uk
‘Following an eight week trial in late 2018, the High Court has handed down judgment finding against the former majority shareholders of Russia’s National Bank Trust who were alleged to have misappropriated over $1billion of Bank funds via a sophisticated network of offshore companies.’
Wilberforce Chambers, 27th January 2020
Source: www.wilberforce.co.uk
‘The replacement of LIBOR and the growth in class actions are set to come to the fore for banking litigators, according to specialist solicitors.’
Litigation Futures, 7th January 2020
Source: www.litigationfutures.com
‘A former member of the Bank of England has called for the resignation of its chief operating officer after it emerged an audio feed of sensitive information had been leaked to traders.’
BBC News, 19th December 2019
Source: www.bbc.co.uk
‘Last week, the National Crime Agency deployed account freezing orders to secure £190 million held in the UK. Malik Riaz, a property developer and one of the biggest employers in Pakistan, reportedly agreed to pay £190 million in order to conclude an investigation into the funds[1]. The agreement followed the obtaining, in August 2019, of eight account freezing orders at Westminster City Magistrates’ Court in connection with funds held in the UK totalling around £120 million (the final settlement includes a UK property valued at £50 million). The assets are to be returned to the State of Pakistan.’
Doughty Street Chambers, 10th December 2019
Source: insights.doughtystreet.co.uk
‘Byron James, Partner and Head of Expatriate Law in Dubai, explains the challenges presented to family lawyers by the effective method of anonymous international money transfer system used around the world.; why and what family practitioners should know about it.’
Family Law Week, 20th November 2019
Source: www.familylawweek.co.uk
‘In Barclays Bank plc v Quincecare Ltd [1992] 4 All ER, Steyn J held that it was an implied term of the contract between a bank and a customer that the bank would use reasonable care and skill in and about executing the customer’s order. This term would be breached if the bank executed the order knowing it to be dishonestly given, or shut its eyes to the obvious fact of the dishonesty, or acted recklessly in failing to make such enquiries as an honest and reasonable man would make. In order to comply with that term, the bank should refrain from executing a customer’s order if and for so long as it was put on inquiry by having reasonable grounds for believing that the order was an attempt to misappropriate funds.’
Forum Chambers, 19th November 2019
Source: www.forumchambers.com
‘Thousands of shareholders in Lloyds Banking Group have lost a multimillion pound legal battle against the bank over its takeover of HBOS at the height of the global financial crisis.’
The Guardian, 15th November 2019
Source: www.theguardian.com
‘Bank transfer scam victims risk being left unprotected from January after the industry failed to agree a plan to compensate people. More than £1m a day is being lost to scams in which people are duped into authorising a payment to an account controlled by a criminal. The failure to agree a protection plan may make it more likely that the next government will step in.’
The Guardian, 15th December 2019
Source: www.theguardian.com
‘There is a “Happy Halloween” present from the Supreme Court for commercial fraud claimant litigators. In the important case of Singularis Holdings Ltd (In Official Liquidation) -v- Daiwa Capital Markets Europe Ltd [2019] UKSC 50, handed down on 30 October 2019, the Supreme Court has upheld the existence of a bank’s Quincecare duty of care, even where the instructions which resulted in a claimant company being defrauded was given by that company’s sole director and controlling mind, and have also finally laying to rest the much criticised case of Stone & Rolls Ltd v Moore Stephens [2009] UKHL 39; [2009] 1 AC 1391 that had been used to attribute the fraud of a director of a one-man company to the company itself.’
39 Essex Chambers, 31st October 2019
Source: www.39essex.com
‘An implied term of the contract between a bank and its customer is that the bank owes a duty of care not to execute the customer’s order if it knows the order to be dishonestly given, or shuts its eyes to obvious dishonesty, or acts recklessly in failing to make inquiries. This is known as the Quincecare duty of care, following the 1992 case of Barclays Bank plc v Quincecare Ltd.’
UKSC Blog, 30th October 2019
Source: ukscblog.com
‘As part of my series on AFO’s I am going to discuss what accounts can be frozen by Account Freezing Orders (‘AFO’s). Although the requirements under section 303Z5 setting out what a bank is seem straightforward, it can be hard in practice to determine when a bank account is not a bank account. It has, in my experience, caused a number of AFO’s to be discharged; this is where orders have frozen Forex trading accounts, ISA fund accounts, or other accounts which contain money but do not.’
Drystone Chambers, October 2019
Source: drystone.com
‘An investigation into the rigging of Libor, the benchmark interest rate that tracks the cost of borrowing cash, has been unexpectedly closed.’
BBC News, 19th October 2019
Source: www.bbc.co.uk
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