Banking & Finance Disputes Journal - February 2014 - DAC Beachcroft

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Banking & Finance Disputes Journal - February 2014

Published 28 February 2014

Forex manipulation: An update

The Bank of England has announced that it is calling in external lawyers to take part in an investigation into claims that its officials have indirectly condoned manipulation of the forex market.

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Court rules that Amorim has no defence to claim made by Merrill Lynch International in relation to a disputed share sale

In the recent case of Merrill Lynch International v Amorim Partners Ltd the Court granted the investment bank's application for summary judgment on the basis that Amorim Partners Ltd ("Amorim") had no reasonable prospect of successfully defending the Bank's claim for payment following a share sale.

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Libor Manipulation: An update

In December 2013, the Royal Bank of Scotland was fined €391m (£324m) by European regulatory authorities following a European Commission investigation into Libor manipulation. This is the second time the institution has been fined for its involvement in the scandal, having previously reached a settlement with the British and US regulators and paying a fine of £390m. The recent fine, one of many levied by the Commission, is a clear reminder that the fallout from the revelations of inter-bank rate manipulation continues with full force, with no sign of abating.

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Nordbank stuck with SWAP liability despite Italian finance ministry ruling

In 2005, the Defendant, Intesa Sanpaolo SpA ("Intesa") entered into an interest rate swap with Comune di Benevento ("Benevento"), an Italian local authority, which had underlying loans from Cassa Depositi e Prestiti ("CDP"), a state controlled Italian company, which financed local authorities ("the 2005 Swap"). The 2005 Swap was restructured the following year in 2006 ("the 2006 Swap").

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Strong message sent by FCA after longest sentence imposed for fraud, forgery and operating an unauthorised CIS

On 14 February, Benjamin Wilson was sentenced to seven years' imprisonment at Southwark Crown Court – 18 months for not being FCA (previously the FSA) authorised and two and four years for forgery.

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Supreme Court allows appeal so that time runs out for claim against Central Bank of Nigeria

The Supreme Court by a majority allowed an appeal by the Central Bank of Nigeria (the "Bank") which related to the limitation period which applied as against the Bank in circumstances where it was exposed to a claim as a constructive trustee by dishonestly assisting in the diversion of trust funds.

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