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DAC Beachcroft's Banking & Finance Disputes Journal focuses on events occurring within the banking, financial, city business and general regulatory sectors that give rise to or concern contentious matters, civil or regulatory.
Mr Hunt the Second Claimant is/was an investor in small businesses, particularly those who are looking for cash injection because traditional sources of finance are not available to them. For this he charges high interest, expects early repayment, and often a stake in the business. Sometimes he invests directly, sometimes through companies set up for the purpose. On this occasion he invested through the First Claimant, Swynson Ltd. The target company in question was a US business, Evo, specialising in medical supplies to old peoples' homes looking for a co-investor to fund a management buyout. Mr Hunt, through Swynson Ltd, and based on a due diligence report produced by the defendant firm of accountants Hurst Morrison Thompson ("HMT"), invested circa £15 million in October 2006 and problems emerged very quickly afterwards.
Welcome to DAC Beachcroft's Budget 2014 Alert.
Our analysis as to how today's budget affects the business community is below. We think the three changes which will make the most amount of splash are the helpful relaxation and extension of the ISA rules, the temporary doubling of the annual investment allowance and what according to George Osborne is "the most far-reaching reform to the taxation of pensions since the regime was introduced in 1921".
DAC Beachcroft's Banking & Finance Disputes Journal focuses on events occurring within the banking, financial, city business and general regulatory sectors that give rise to or concern contentious matters, civil or regulatory
After a number of confusing High Court decisions concerning the courts' approach to granting relief from court sanctions, the Court of Appeal has today handed down its decision in Mitchell v News Group Newspapers Ltd and has laid down a clear marker that obtaining relief from sanctions will be hard to achieve. In particular, pressure of work or "well-intentioned incompetence" and/or any other form of human error will almost certainly not suffice.
DAC Beachcroft's Commercial Litigation Digest focuses on events occurring within the banking, financial, city business and general regulatory sectors that give rise to or concern contentious matters, civil or regulatory
DAC Beachcroft's Commercial Litigation Digest focuses on events occurring within the banking, financial, city business and general regulatory sectors that give rise to or concern contentious matters, civil or regulatory.
Welcome to the January edition of our Insurance Adviser Newsletter, featuring commentary on developments, trends and forward-looking views across a wide range of insurance classes of business.
The provisions of Schedule 7 to the Legal Aid, Sentencing and Punishment of Offenders Act 2012 which came into force on 1st October 2012, make significant changes to the system through which successful defendants and appellants in criminal proceedings may be awarded amounts from central funds in respect of costs incurred.
Under previous legislation, following a successful trial or discontinuance of proceedings, any Defendant in a criminal case was entitled to reclaim their legal defence costs, thereby enabling insurers to recoup the majority of any expenditure in funding defence costs in a criminal case.
The Kweku Adoboli UBS scandal has brought to light the regulatory problems associated with Exchange Traded Funds (ETFs). Swap based ETFs were traded by the Delta One desk, where Adoboli worked, and were allegedly used by him to hide large trading losses. This article will outline the ongoing regulatory debate that this has been sparked by these events and what future developments this may give rise to.
Against the backdrop of claims for mis-selling mortgage-backed securities in the US, the Serious Fraud Office is conducting an examination of asset-backed securities packages sold by financial institutions in the UK as part of an operation to gather evidence of false representations made to clients and counterparties.
Last July, we reported that the Securities and Exchange Commission (SEC) was considering bringing civil fraud charges against credit rating agencies for their role in developing mortgage bond deals which helped bring about the 2008 financial crisis and, in particular, reviewing the actions of those credit rating agencies for their role in providing, what is now said to have been, undeserved positive credit ratings of the mortgage backed securities.
When is a bank giving advice as opposed to mere information to a potential investor? If deemed to be giving advice and the advice is negligent, what losses might the bank be liable for?
The case illustrates the approach the courts will take to dispute resolution clauses which are included in complex contractual arrangements such as structured trade finance contracts.
On 26 August 2011 the British Arab Commercial Bank PLC was granted a declaration that it was entitled to act on the instructions of the National Transitional Council of the State of Libya (NTC) in the administration of bank accounts held for the previous Libyan embassy under the Gadaffi regime.
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