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That's not fair (market value)
Court of Appeal rules on application of GMRA close-out provisions in a distressed market. Icelandic bank LBI ehf (LBI) appealed against the High Court decision in its case against Raiffeisen Bank International AG (RZB) regarding the interpretation of the term "fair market value" in the close-out provisions of a repo agreement. The Court of Appeal rejected LBI's arguments that "fair market value" should preclude the use of prices, quotations and other pricing evidence obtained in a distressed or illiquid market and dismissed the appeal.
Read moreGame theory and the art of litigation settlement (Part 3)
This article is the third in a series targeted at litigators that consider the issue of settlement in litigation through a game theoretical lens.
Read moreGame theory and the art of litigation settlement (Part 2)
This article is the second in a series targeted at litigators that consider the issue of settlement in litigation through a game theoretical lens.
Read moreGame theory and the art of litigation settlement
This article is the first in a series targeted at litigators that consider the issue of settlement in litigation through a mathematical lens.
Read moreProperty Alliance Group Limited v The Royal Bank of Scotland plc – a pyrrhic victory?
The Court of Appeal handed down its much anticipated judgment on the misselling and LIBOR manipulation test case in March. Whilst the appeal was dismissed in full, the Court of Appeal's decision clarified a number of aspects of the law in this area and, in particular, the circumstances in which an implied representation in respect of LIBOR would arise.
Read moreSFC requires ICO to be withdrawn from Hong Kong public
On 19 March 2018 the Securities and Futures Commission (SFC) announced that it had halted an initial coin offering (ICO) to the Hong Kong public by Black Cell Technology Limited (Black Cell).
Read moreThe High Court confirms the availability of Bankers Trust orders to trustee Claimants seeking to recover misappropriated assets
The decision of the High Court in Miles Smith Broking Limited –v– Barclays Bank PLC has confirmed for the first time the availability of the commonly encountered Bankers Trust order to trustee Claimants of stolen/misappropriated property, highlighting the flexibility of the Court's equitable jurisdiction when presented with new situations. The decision also serves as a neat illustration of the Court's willingness to grant Norwich Pharmacal relief to facilitate the recovery of unlawfully dissipated assets and the types of complimentary interim remedies available to Claimants for that purpose.
Read moreLitigation privilege: whose privilege?
The claimants, companies in the corporate group of the mining company MMG, applied to inspect certain documents created in foreign proceedings over which the defendants, companies belonging to the mining company Glencore, asserted litigation privilege.
Read moreSharp v Blank and others [2017] EWHC 3390 (Ch)
The Court considered the Defendants' application for approval of their revised cost budget on the basis that there had been significant developments in the litigation.
Read moreThe perils of using disclosed documents for a collateral purpose
In Grosvenor Chemicals Ltd v UPL Europe Ltd disclosed documents were used by the UPL for a collateral purpose in breach of the Civil Procedure Rules.
Read moreBank liable for breach of Quincecare duty
The Court of Appeal has upheld a decision that the appellant bank breached the Quincecare duty of care which it owed to its corporate customer by making payments without proper enquiry, in circumstances in which a reasonable banker would have been on notice that the customer's director was perpetrating a fraud.
Read moreEnforcement Reporter - SFC sets out its enforcement priorities for 2018
On 26 February 2018 the SFC released the third edition of its new series of the Enforcement Reporter. The communication outlines the SFC's key enforcement priorities for the coming year and highlights significant recent enforcement actions. The Enforcement Reporter follows the general themes of previous editions and is a useful indication to the market of the SFC's key concerns. In particular, tackling corporate fraud remains top of the agenda, with insider dealing, misconduct by intermediaries and sponsors, and money laundering on the SFC's radar.
Read moreIn the Matter of Agrokor DD: Model Laws and PIK toggle loans
A recent application made by insolvency practitioner of Agrokor, a major Croatian conglomerate, resulted in recognition in England of a stay of civil proceedings against the group. The purpose of the application was to halt any proceedings in relation to Agrokor's securities and debt obligations containing English law and jurisdiction provisions, pending the restructuring in the Croatian insolvency proceedings of the affairs of the group.
Read moreWhen will pleading "special circumstances" permit collateral use?
Having taken a strict approach when considering what constituted "collateral use" in Tchenguiz v Grant Thornton UK LLP, the Commercial Court has moved quickly to clarify the test for "special circumstances" in applications for permission to use previously disclosed documents in The Libyan Investment Authority v Société Générale SA and others.
Read moreCourt of Appeal holds that a facility agreement based on the LMA model form does not constitute lenders' standard terms for UCTA: But never say never…
The Court of Appeal has upheld a decision that a facility agreement based on the LMA model form did not constitute the lenders' standard terms for the purposes of UCTA. Had UCTA applied, the terms of the facility agreement would have been subject to a reasonableness test.
Read moreBeware of the risks when notifying warranty claims
In Teoco UK Limited v Aircom Jersey 4 Limited, Aircom Global Operations Limited(1) the Court of Appeal upheld the High Court's decision to strike out certain breach of warranty claims on the basis that the buyer had given the seller inadequate notice of those claims. The buyer's attempt to keep its options open by drafting its notices widely proved fatal to its claims, as it failed to identify the specific warranties to which its claims related as required by the share purchase agreement.
Read moreDocuments from which legal advice can be inferred – are they privileged?
The High Court considered the extent to which legal advice privilege could attach to documents which were not communications of legal advice between lawyer and client but from which privileged legal advice could be inferred and held that privilege could indeed apply to such documents. The test is whether there is a "definite and reasonable foundation" for such an inference to be made as opposed to material that would merely make the reader speculate what the legal advice was.
Read moreService by Email – Lessons from Glencore Agriculture B.V. v Conqueror Holdings Limited [2017] EWHC 2893
The English High Court has found that service by email of arbitration proceedings was not valid under section 76 of the Arbitration Act 1996 on the basis that the correspondence had been directed to the email address of an employee who did not have the authority to accept service. The judge found that in circumstances where service is by way of an individual email address, validity of service depends on the application of agency principles.
Read moreGhosh test overturned: dishonesty according to the standards of ordinary, reasonable and honest people
The Supreme Court has held that the test for dishonesty should be assessed only by reference to whether or not the defendant's conduct is dishonest by the objective standards of ordinary, reasonable and honest people. The Court concluded that there were convincing grounds for holding that the second limb of the longstanding Ghosh test did not correctly represent the law and that directions based upon it ought no longer to be given. The Court further stated that the assessment of dishonesty in criminal and civil proceedings should be made by reference to the same test.
Read moreFinancial litigation roundup winter 2017
Welcome to the latest edition of our Financial Litigation roundup, where we share our insights into recent judgments and ongoing cases as well as new regulatory developments from the banking and financial world in the UK and Asia.
Read moreSFAT fines HSBC Private Bank record-breaking HK$400 million and suspends its securities licenses
On Tuesday (21 November 2017), Hong Kong's Securities and Futures Appeals Tribunal fined HSBC Private Bank (Suisse) SA HK$400 million, suspended its license to advise on securities and partially suspended its license to deal in securities, for one year. The previous largest fine was HK$30 million.
Read moreADR coming of age for financial disputes in Hong Kong
Alternative dispute resolution is coming of age for financial disputes in Hong Kong, as we see the FDRC's Financial Dispute Resolution Scheme expand from 1 January 2018 and 1 July 2018.
Read moreGulf between legal advice privilege in the UK and Hong Kong is widening
Jonathan Cary explains the gulf opening up between England and the other major common law jurisdictions such as Hong Kong in relation to legal advice privilege and the pitfalls to be aware of.
Read moreHigh Court sheds light on compulsory jurisdiction of Financial Ombudsman Service
The High Court has provided some clarification of the scope of the compulsory jurisdiction of the Financial Ombudsman Service (FOS). The decision has left the scope of that jurisdiction open to discussion, and appears to suggest that the courts will take a more mechanical approach to reviewing regulatory decisions.
Read moreDon't be scared – it's just an exemption clause
The Court of Appeal holds that an exemption clause is wide enough to exclude liability for negligence for a failure to identify asbestos.
Read moreDefective service and culpable delay: a warning to claimants
Commercial Court refuses application for alternative service and strikes out claim forms after claimant's delay in pursuing claim.
Read moreAnother bad bargain upheld: Wood v Sureterm Direct Ltd [2017] UKSC 24
The Supreme Court has dismissed an appeal in Wood v Sureterm Direct Ltd. The Court upheld the Court of Appeal's decision on the meaning of an indemnity clause, and agreed with its application of established contractual interpretation doctrine. The decision confirms the established judicial approach to contractual interpretation, namely the focus on the words of a given clause.
Read moreResponsibility of a parent company for the acts of its subsidiary
The Court provided helpful analysis of the circumstances in which a parent company owes a duty of care with regard to operations carried out by its subsidiary. The case is interesting to examine in the context of the readiness of the English courts to hear claims relating to conduct outside of the jurisdiction brought by foreign claimants.
Read moreBack to first principles: contractual intention
The High Court has denied a claim that €13.5m was due on the basis of an oral contract because there was no evidence of the parties' intention to create legal relations as well as a lack of certainty in relation to certain other fundamental terms which militated against the existence of a binding contract.
Read moreLessons learned from Property Alliance Group v RBS
This article assesses the key aspects of the High Court's judgment and considers their implications for similar claims.
Read moreGuidance on the "cardinal rule" for implying terms
In Irish Bank Resolution Corp Ltd (In Special Liquidation) v Camden Market Holdings Corp the Court of Appeal held that a term could not be implied into an agreement because, although it was linguistically consistent, it was substantively inconsistent with the express terms. In doing so, the court shed further light on the application of the "cardinal rule" that an implied term must not contradict any of the express terms of the contract.
Read moreCultural Property (Armed Conflicts) Act 2017: what do collectors and dealers need to know?
The UK Parliament has recently passed the Cultural Property (Armed Conflicts) Act 2017. Although the provisions of the Act have not yet come into force, how will this impact collectors and dealers?
Read moreThe law of unintended consequences
Why professional indemnity insurers should closely examine losses in professional negligence claims
Read moreCourt of Appeal provides a timely reminder of the principles relating to clear and unambiguous contractual negotiations
In Global Asset Capital, Inc and another v Aabar Block SARL and others the Court of Appeal found that the High Court had erred in its finding that in assessing whether a contract had been concluded, it need not take account of inconsistent subsequent communications between the parties following the arguable conclusion of a contract during a telephone call that had followed a "subject to contract" offer letter.
Read moreFund management litigation
Recourse for LP investors when an investment goes wrong
Read morePrior arbitral award – abuse of process?
Michael Wilson & Partners Limited v Sinclair and others [2017] EWCA Civ 3 demonstrates the interplay between arbitration and litigation, considering whether legal proceedings commenced by A against C are an abuse of the court's process where arbitration proceedings between A and B have decided the issue in question. The Court of Appeal held that a prior arbitration award can found an argument that subsequent litigation against a third party is an abuse of process, but will rarely do so. On the facts of this case, the claim was not considered to be an abuse of process.
Read moreLetters of Credit: Fraud conquers all – if it is fraud
The High Court decision in Petrosaudi Oil Services (Venezuela) Ltd v. Novo Banco S.A. and Others [2016] EWHC 2456 provided a useful reminder that the principle of autonomy, which provides for payments to be made under letters of credit, regardless of disputes under the underlying contract, will not be upheld if the fraud exception applies. In its decision at first instance the High Court had found that the fraud exception had applied. However, the High Court judgment was appealed. This update discusses the Court of Appeal's decision.
Read moreFinancial litigation roundup - Winter 2017
Welcome to the latest edition of our financial litigation roundup, which considers recent judgments, ongoing cases and legal developments from the banking and financial world in the UK and Asia.
Read moreDemand guarantees not subject to doctrine of strict compliance
High Court holds that the doctrine of strict compliance does not automatically apply to demand guarantees (or performance bonds) in the way that it applies to letters of credit.
Read moreLead market regulator's lawsuit includes professional advisers
In another significant development in the Securities and Futures Commission's (SFC) efforts to combat market misconduct-type activity involving listed shares in Hong Kong, the lead market regulator has commenced civil proceedings under Section 213 of the Securities and Futures Ordinance (Cap 571) in respect of China Forestry Holdings Co Ltd (in official liquidation). What makes the proceedings noteworthy is that besides naming the company and two of its directors as co-defendants, the regulator's civil complaint also names two co-sponsors and the auditor involved with the company's initial public offering (IPO) in 2009.(1)
Read moreCourt of Appeal upholds Financial List decision on application of Rome Convention to derivative instruments
The Court of Appeal has upheld a decision from the first trial heard within the new Financial List regarding the application of the Rome Convention to derivative instruments.
Read moreAnother meander through Three Rivers (No 5): the scope of legal advice privilege
The High Court rejected RBS' claim that interview notes taken by the bank and its external lawyers in the course of two internal investigations were privileged.
Read moreFilling gaps: Implied terms in contracts
The Court of Appeal has held that where a contract would, on its face, be unenforceable because the parties failed to agree an essential term, the missing term cannot be implied.
Read moreFootball agent scores a victory in loss of a chance case
The Court of Appeal upheld the appeal of a licensed football agent who alleged Sports and Entertainment Media Group had induced a professional footballer to breach an agency contract with him, which had deprived him of the fee he would have earned.
Read more"It's privileged" – is not enough! High Court orders a full list of each document over which a claim to privilege is asserted
The High Court held that a defendant's claim to privilege in respect of communications between employees and in-house counsel went too far. It ordered the defendant to provide a full list of each document over which the defendant asserted a claim to privilege, together with an explanation of the nature of the privileged claimed.
Read moreHigh Court dismisses Libyan Investment Authority's claim against Goldman Sachs
The High Court dismissed the Libyan Investment Authority's claim against Goldman Sachs based on two causes of action, undue influence and unconscionable bargains, in relation to a series of transactions which the parties entered into (the Disputed Trades) between September 2007 and April 2008, causing the LIA to lose billions.
Read moreHigh Court considers validity and timing of contractual notices in close-out procedures
The Commercial Court in London has considered a range of issues arising from the application of the close-out provisions of the standard form GMRA (Global Master Repurchase Agreement), year 2000 version (2000 GMRA).
Read moreWealth and Trusts quarterly digest November 2016
Our quarterly digest aims to bring you up to date commentary and analysis on key sector developments. RPC’s tax, wealth and trusts teams are able to provide a wide ranging service to assist you and your clients in responding to market trends and legal developments. We would welcome the opportunity to discuss any concerns you may have and always welcome feedback on the content of our publications.
Read moreAcceptance or a counter-offer - what relevance are communications after the fact?
In Caroline Gibbs v Lakeside Developments the High Court held that an email purporting to accept a settlement offer but attaching a consent order specifying a different payment date was not an acceptance but a counter-offer.
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