The High Court dismissed a claim by multiple investors against a bank in respect of its role in marketing a film investment scheme intended to enable individual UK taxpayers to defer their tax liabilities, which was successfully challenged by HMRC: Upham & Ors v HSBC UK Bank plc [2024] EWHC 849 (Comm).
The claimants
Banking Litigation Notes
Blog Authors
Latest from Banking Litigation Notes
Supreme Court finds no obligation on party seeking to rely on force majeure clause to accept counterparty’s offer of non-contractual performance
By Nihar Lovell
The Supreme Court has unanimously overturned the Court of Appeal’s decision that a shipowner was not entitled to rely on a force majeure clause in a shipping contract when its charterer’s parent company became subject to US sanctions. It found that, contrary to the Court of Appeal’s decision, the shipowner did not fail to use…
BANKING LITIGATION PODCAST EPISODE 45: MONTHLY UPDATE – MARCH/APRIL 2024
By Noorshahzad
In this edition of our banking litigation podcast, we consider some recent cases that will be most relevant to in-house lawyers at banks and financial institutions. This episode is hosted by John Corrie, a partner in our banking litigation team, who is joined by Ceri Morgan and special guest Mark Tanner.
You can also listen…
Supreme Court upholds anti-suit injunction against Russian court
By Nihar Lovell
The Supreme Court has announced its decision in Unicredit Bank GmbH v RusChemAlliance LLC, with the full judgment to follow. It dismissed the appeal and maintained a final anti-suit injunction in respect of proceedings brought in Russia in breach of a Paris-seated arbitration agreement.
This decision confirms that the English court may grant an anti-suit…
Biannual Banking Litigation Update (Spring 2024)
By Noorshahzad
Welcome to the Spring 2024 edition of our biannual Banking Litigation Update, in which we highlight the most important cases and developments affecting UK financial institutions over the past six months.
Read the full Banking Litigation Update here.
We have also recorded a short video to provide a high-level overview of developments during this period,…
High Court considers bank’s vicarious liability for fraudulent misrepresentations made by former employee
By Noorshahzad
In a recent High Court decision, the court examined a claim against a bank for fraudulent misrepresentations made by its former corporate banking relationship manager, finding that the bank was vicariously liable on the basis that the employee had apparent authority to make the representations relied upon by the claimant: Vegesentials Ltd & Anor v…
High Court considers novel APP fraud “retrieval duty” claim against both sending and receiving PSPs
By Noorshahzad
In a significant decision in the context of claims brought by the victims of authorised push payment (APP) frauds, the High Court has considered whether a sending and/or receiving payment service provider (PSP) owes a duty, directly to the victim of the fraud, to take reasonable steps to retrieve or recover the sums paid out…
High Court considers interpretation of English exclusive jurisdiction clause in trade finance documentation
By Cerimorgan
In the context of the claimant Afghan bank’s entitlement to enforce certain counter-guarantees provided by the defendant Indian bank, the High Court has granted limited declaratory relief confirming the exclusive jurisdiction of the English court: Afghanistan International Bank v Yes Bank Ltd [2023] EWHC 3294 (Comm).
The decision is an interesting one for financial institutions…
BANKING LITIGATION PODCAST EPISODE 44: MONTHLY UPDATE – JANUARY/FEBRUARY 2024
By Noorshahzad
In this edition of our banking litigation podcast, we consider some recent cases that will be most relevant to in-house lawyers at banks and financial institutions. This episode is hosted by John Corrie, a partner in our banking litigation team, who is joined by Ceri Morgan and special guest Nora van Meerwijk.
You can also…
High Court orders payment into court by Russian claimant as security for defendant banks’ costs in context of sanctions case
By Noorshahzad
In the context of a claim by a Russian company against two banks for failing to pay sums due under on-demand bonds, the High Court has allowed the banks’ security for costs application and ordered the claimant to make a payment into court of £1.85 million: LLC EuroChem North-West-2 v Société Générale S.A. & Ors…