Banking & Finance Disputes Journal - July 2014's Tags
Tags related to this article
Banking & Finance Disputes Journal - July 2014
Published 31 July 2014
Supreme Court holds that bribes and secret commissions received by an agent are held on trust for the principal
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.
Click here to read more.
LIBOR: Triple trouble for Lloyds Banking Group plc
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).
Click here to read more.
Court of Appeal clarifies rights of noteholders where senior notes affected by ratings downgrade
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.
Click here to read more.
The Importance of Estoppel
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.
Click here to read more.
Recent decision from the Commercial Court evidences the Court's use of its discretion when deciding jurisdiction issues
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").
Click here to read more.
Forex Manipulation: An Update on Regulatory Investigations
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.
Click here to read more.
