Banking & Finance Disputes Update - June 2018

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Banking & Finance Disputes Update - June 2018

Published 29 June 2018

DAC Beachcroft's Banking & Finance Disputes Update 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.

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Carney and Parmar – further comfort for banks facing mis-selling claims, and a word of warning about witness evidence

The two recent High Court decisions in Carney & others v NM Rothschild & Sons and Parmar and another v Barclays Bank plc will be welcomed by banks who continue to face mis-selling claims. These two cases raised new and specific issues that had not previously been considered by the Court, but the decisions themselves highlight the more general legal and evidential difficulties Claimants alleging mis-selling are likely to face.  

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Private Equity - avoiding liability for wrongdoing of a portfolio company prosecution for Conspiracy to Defraud results in conviction and 8-year sentence: the case for Private Prosecutions

On 11 June 2018, Paul Sultana was sentenced to 8 years' imprisonment and disqualified from acting as a director for seven years following a prosecution pursued, not by the Crown Prosecution Service (the "CPS") but by a company which Mr Sultana had defrauded: having pursued the case as a private prosecution. This article outlines what is involved, the key considerations and in what circumstances private prosecution might be an attractive and viable option.

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FCA Fines Canara Bank for Serious AML failings relating to its trade finance activities in the UK

On 6 June 2018, the FCA published its Final Notice explaining the grounds upon which it fined Canara Bank £896,100 and imposed a restriction on it accepting deposits from new customers for 147 days as a result of long term serious AML failings.

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Further News and Updates

For a summary of other recent updates including: the new director of SFO, Investigations of Lloyds bank and KPMG over HBOS fraud, additional charges against two individuals in Unaoil investigation,tightening of outsourcing rules for banks ahead of Brexit, the Anti-Money Laundering Act 2018 becoming law and more.

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Authors

Jonathan Brogden

Jonathan Brogden

London - Walbrook

+44 (0)20 7894 6290

Laura Berry

Laura Berry

London - Walbrook

+44 (0) 20 7894 6343

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