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Published 31 July 2014
In a landmark decision, which has important and far-reaching consequences, the Supreme Court has unanimously decided that a bribe or secret commission received by an agent is to be treated as the property of the principal, rather than only giving rise to a claim for equitable compensation.
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On Monday 28 July 2014, the Lloyds Banking Group Plc ("LBG") was fined a total of £218 million by a combination of the FCA, the US Department of Justice ("DOJ") and the Commodity Futures Trading Commission ("CFTC"). Each one of the fines related to LBG's manipulation of the benchmark rates, principally the London Interbank Offered Rate (LIBOR).
On 11 July 2014, the Court of Appeal gave judgment in the matter of Napier Park European Credit Opportunities Fund Limited v Harbourmaster Pro-Rata CLO 2 BV, Deutsche Bank AG and Blackstone/GSO Debt Funds Europe Limited [2014] EWCA Civ 984.
In the recent High Court decision of Kaupthing Singer & Friedlander Limited (In Administration) v UBS AG, Mr Justice Andrew Smith handed down a judgment which clearly highlights the importance of the doctrine of estoppel, and the effect a party's behaviour at the material time, and in particular a failure to highlight concerns that the opposing party has acted in breach of contract, can have upon its ability to later bring a claim for damages.
In May 2013, the Claimant, McGraw-Hill International (UK) Limited ("MH"), an English registered company which provides ratings for Standard & Poor's ("S&P") issued proceedings in the High Court in England seeking a declaration that it was not liable to the First to Fourth Defendants in respect of the publication of credit ratings of financial products known as Constant Proportion Debt Obligations ("CPDOs").
The UK regulatory and criminal authorities have been ramping up their investigations into Forex manipulation recently and the latest message is that investigations may be moving quicker than originally expected.
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