Speakers: John Corrie (Partner), Ceri Morgan (Knowledge Counsel), Jonah Oliver (Associate).

You can find out more about the cases covered in this podcast on our blog at the following links:

• High Court rejects attempt by Noteholders to remove and replace Trustee against wishes of Issuer
• High Court finds UK broker did not breach contract by refusing to return funds to client subject to US sanctions
• High Court strikes out illegality defence premised on alleged breaches of US sanctions
• High Court applies "scope of duty" principle to limit damages claimed for breach of so-called Quincecare duty
• Court of Appeal recognises "onerous clause doctrine" where terms are incorporated by reference
• Supreme Court reshapes UK competition class actions landscape
• Government to legislate for enforceability of litigation funding agreements based on a share of damages
• Banking Litigation Yearbook and broader Disputes Yearbook for 2025
• 2026 Global FSR Outlook: The Human Element | Herbert Smith Freehills Kramer | Global law firm

 You can find links to our blog posts on the case covered in this podcast below:

• High Court finds default interest clause in loan agreement is not an unenforceable penalty
• County Court rejects discrimination claim on procedural grounds but finds refusal of financial services because a company is Russian owned would amount to direct discrimination
• Privy Council holds that there is no legal requirement in the tort of deceit to show that a claimant was consciously aware of the representation made
• High Court dismisses judicial review challenge of FCA's Naming Announcement
• High Court confirms that non-authorised fee earners cannot conduct litigation
• Commercial Court pilot will mean many more court documents publicly available by default from 1 January 2026
• 2025 Global Bank Review - Innovating amid turbulence

Don't forget to subscribe to the banking litigation blog.

You can find links to our blog posts on the case covered in this podcast below:

• Court of Appeal finds PSP liable for deceitful representations made by agent acting with apparent/ostensible authority
• High Court finds investment bank entitled to success fee under mandate executed by company's agent acting with apparent authority
• High Court holds that exercise of rights under charge document is not subject to Braganza duty
• High Court finds "retrieval duty" arguable against sending bank in an APP fraud context
• Court of Appeal finds binding contract concluded by exchange of emails despite referring to preparation of formal agreement
• FSR Brief EP9: Motor Finance redress proposal - beginning of the end? 
• Solicitors Regulation Authority reviews high-volume consumer claims sector
• Biannual Banking Litigation Update (Autumn 2025)

Don't forget to subscribe to the banking litigation blog.

You can find links to our blog posts on the case covered in this podcast below:

• Supreme Court decision in Hopcraft motor finance commission appeal – key implications for financial services firms
• Banking Litigation Podcast Episode 54: Hopcraft Special Edition
• English High Court decides in favour of banks in EuroChem bond claim, confirming payment under on-demand bonds prohibited due to Russian sanctions
• High Court grants bank stakeholder relief under CPR Part 86 in USD 11 million deposit dispute involving competing claims
• High Court permits documents obtained via Norwich Pharmacal Order to be used against disclosing bank in related APP fraud claim
• Financial List finds claim for declaratory relief brought by ultimate beneficial owners of loan notes against issuer is arguable
• Privy Council abrogates so-called "Shareholder Rule" under English law: companies can assert privilege against their shareholders
• Hague 2019 Judgments Convention comes into force in UK
• Civil Justice Council's final report on litigation funding recommends "light touch" statutory regulation

Don't forget to subscribe to the banking litigation blog.

You can find links to our blog posts on the case covered in this podcast below:

• Supreme Court decision in Hopcraft motor finance commission appeal – key implications for financial services firms.
• Court of Appeal finds lenders liable in motor finance broker commission cases.

Don't forget to subscribe to the banking litigation blog.

You can find links to our blogs on the cases covered in this podcast below:

• County Court considers limitation period for unfair relationship claim in secret commission case
• Supreme Court confirms fiduciary must account even for profits that would have been made without the breach of duty
• High Court grants banks' request to revoke final anti-suit injunctions in their favour but refuses to revoke declarations on jurisdiction
• Court lambasts citation of fake authorities in proceedings and orders wasted costs
• Court of Appeal decision shows possibility of parallel proceedings inherent in asymmetric jurisdiction clauses
• Asymmetric jurisdiction clauses: when will they be effective? 
• An overview of potential disputes caused by market dislocation
• Greenwashing at a glance - regulatory sanctions and claims in financial services across Europe

Don't forget to subscribe to the banking litigation blog.

You can also listen on Apple, Spotify, Buzzsprout and SoundCloud, and find links to our blog posts on the cases covered in this podcast below:

• Court of Appeal confirms that dishonesty is essential ingredient in half-secret commission claims
• High Court confirms 5,800 motor finance claimants can use omnibus claim forms and do not need to issue separate claim forms
• High Court confirms no novel "retrieval" duty owed by receiving banks to non-customers
• High Court rules in favour of APP fraud victims in "derivative" action against PSP for breach of so-called Quincecare duty
• Banking litigation podcast episode 51: Quincecare special – March 2025
• High Court finds Letter of Comfort creates binding guarantee and Ralli Bros principle not engaged where foreign illegality arises from failure to seek regulatory permission
• Asymmetric jurisdiction clauses: CJEU finds jurisdiction clause in favour of EU courts may be valid despite giving one party greater choice
• Hedging: where is the dividing line? 
• Biannual Banking Litigation Update (Spring 2024)

Don't forget to subscribe to the banking litigation blog.

The English courts continue to grapple with payment processing claims brought by both victims of authorised push payment (APP) fraud and companies subject to an internal fraud by an authorised signatory who has gone rogue.  While the seminal Supreme Court decision in Philipp v Barclays [2023] UKSC 25 recalibrated the payment processing duties owed by banks, court guidance is still needed on what is required to meet the requisite standard on a case-by-case basis, and claimants continue to explore novel causes of action. Alongside numerous civil claims working their way through the courts, the Payment Systems Regulator has introduced the UK's APP fraud reimbursement scheme. In our latest podcast, we explain the current state of payment processing claims in a post-Philipp v Barclays world, offering insights into this rapidly changing area of law.

You can find links to our blog posts on the cases covered in this podcast below:

• Payment processing risks in a post-Philipp v Barclays world
• Facing into the UK's APP Fraud Reimbursement Requirement
• The Supreme Court's judgment in Philipp v Barclays: key takeaways for financial institutions executing customer payments
• High Court dismisses Quincecare duty claim giving guidance on the scope and nature of the duty
• Supreme Court upholds first successful claim for breach of the so-called "Quincecare" duty of care 
• Court of Appeal judgment on scope and exclusion of 'Quincecare' duty of care
• Latest APP fraud claim against receiving PSP: High Court refuses to strike out claim for unjust enrichment
• High Court considers novel APP fraud "retrieval duty" claim against both sending and receiving PSPs

Please subscribe to the podcast channel here to listen to our regular bite-sized broadcasts covering both litigation and regulatory developments for banks and other financial institutions.

You can find links to our blogs on the cases covered in this podcast below:

• High Court finds lenders' exercise of contractual right to demand loan repayment is not subject to implied Braganza duty
• Court of Appeal rejects attempt to bring securities class action using CPR 19.8 representative action as an "opt-in" procedure
• High Court refuses to allow representative action to be brought on behalf of copyright owners in IP case
• High Court considers whether "success fee" is payable by client to investment bank in respect of capital raise
• High Court orders commercial parties to mediate shortly before trial
• Commercial Court declares arbitral tribunal lacks jurisdiction following bank's invocation of asymmetric option clause
• Motor Finance: Where are we and where next?
• Insight Alert: Global FSR Outlook 2025 – Perpetual Motion

Don't forget to subscribe to the banking litigation blog.

You can find links to our blogs on the cases covered in this podcast below:

• High Court considers first LIBOR cessation test case: key implications for financial institutions
• High Court rejects "price/market reliance" for s.90A and Schedule 10A FSMA claims
• Court of Appeal finds lenders liable in motor finance broker commission cases
• High Court highlights four distinct categories of control in "ownership and control" test under UK sanctions regulations
• Trial witness statements: High Court decisions highlight importance of compliance with Practice Direction 57AC
• Dutch Court of Appeal upholds appeal on landmark climate litigation case against Shell
• Representative actions under CPR 19.8: Settlement means key questions on funding and damages will have to wait
• Civil Justice Council publishes Interim Report and Consultation on Litigation Funding
• Class Actions radar: Scanning global trends and risks
• 2024 Global Bank Review - Adaptation: Change is the only constant
• The potential impact of the new UK Listing Rules on securities litigation

Don't forget to subscribe to the banking litigation blog.

The episode draws together the hosts of three of our HSF podcasts – Vanessa Naish and Liz Kantor (arbitration), Maura McIntosh (commercial litigation) and Ceri Morgan (banking litigation) – to discuss the benefits Hague 2019 will bring to the enforcement of English judgments, how that compares to the enforcement position for arbitration awards, and the various factors that need to be weighed in the balance when choosing dispute resolution options.

Commercial litigation podcast series – Episode 25: Special edition on the Hague Judgments Convention 2019

The Hague 2019 Judgments Convention: Bolstering the UK's position as a jurisdiction of choice for international dispute resolution

You can find links to our blogs on the cases covered in this podcast below: 

• Court of Appeal considers whether default interest clause is an unenforceable penalty 
• Court of Appeal dismisses claim by participant against lender of record in a sub-participation arrangement
• High Court finds agent breached fiduciary duty in "half secret" commission case 
• High Court grants injunctions in favour of bank in context of syndicated loan dispute over payments withheld due to sanctions 
• High Court finds party has practical control over documents of sub-contractor and sub-sub-contractor for disclosure purposes  
• The Hague 2019 Judgments Convention: Bolstering the UK's position as a jurisdiction of choice for international dispute resolution
• Banking litigation podcast episode 47: Sanctions special – July 2024

Don't forget to subscribe to the banking litigation blog.

• Court of Appeal confirms judgments can be entered in favour of Russian sanctioned parties but leaves uncertainty in relation to the "ownership and control" test
• High Court dismisses force majeure and trade sanctions defences in breach of contract claim, and considers "ownership and control" test under UK sanctions
• High Court grants injunctions in favour of bank in context of syndicated loan dispute over payments withheld due to sanctions
• Supreme Court finds no obligation on party seeking to rely on force majeure clause to accept counterparty’s offer of non-contractual performance
• Court of Appeal finds payment obligations under letters of credit suspended by UK Russian sanctions regime

 
Don't forget to subscribe to the banking litigation blog. 

You can find links to our blogs on the cases covered in this podcast below:

• Court of Appeal finds payment obligations under letters of credit suspended by UK Russian sanctions regime
• Supreme Court upholds anti-suit injunction against Russian court
• Supreme Court finds no obligation on party seeking to rely on force majeure clause to accept counterparty’s offer of non-contractual performance
• High Court strikes out APP fraud claims against receiving payment service provider
• Latest APP fraud claim against receiving PSP: High Court refuses to strike out claim for unjust enrichment
• High Court refuses summary judgment where bank account frozen without notice

Don't forget to subscribe to the banking litigation blog.

You can find links to our blogs on the cases covered in this podcast below:

• High Court considers bank’s vicarious liability for fraudulent misrepresentations made by former employee
• High Court refuses Swiss bank’s jurisdiction challenge over declarations of enforceability of standby letters of credit
• High Court considers interpretation of English exclusive jurisdiction clause in trade finance documentation
• High Court considers novel app fraud “retrieval duty” claim against both sending and receiving PSPS
• Litigation funding: bill introduced to reverse effect of Paccar and civil justice council invited to review the sector
• Proposed new rule would radically expand public access to court documents
• Implications of sanctions against Russia on banking disputes in the UK 
• Biannual banking litigation update (Spring 2024)

Don't forget to subscribe to the banking litigation blog.

Speakers: John Corrie (Partner), Ceri Morgan (Professional Support Consultant), Mark Tanner (Of Counsel)

You can find links to our blogs on the cases covered in this podcast below:

• Court of Appeal overturns High Court’s high-profile Italian swaps decision
• High Court confirms debtor must prove illegality where payment withheld as a result of sanctions
• High Court dismisses force majeure and trade sanctions defences in breach of contract claim, and considers “ownership and control” test under UK sanctions
• Court of Appeal allows secret commissions claim to proceed as representative action on “opt out” basis
• CPR 19.8 representative action: “bifurcated process” adopted in claim by bank against representative defendant
• High Court strikes out novel bid to bring securities class action using CPR 19.8 representative action as “opt-in” procedure
• Supreme Court confirms key elements of claim in knowing receipt in failed claim against bank

Don't forget to subscribe to the banking litigation blog.

You can find links to our blogs on the cases covered in this podcast below:

• High Court refuses interim payment application in Russian sanctions-related litigation
• High Court finds that lender suffered no loss despite negligent valuation of security
• Privy Council considers Norwich Pharmacal and Bankers Trust disclosure orders against banks
• Company not ordered to disclose privileged documents to shareholders in context of late application in securities class action
• Trilogy of decisions shows English courts’ approach to granting anti-suit injunctions in support of foreign-seated arbitrations
• High Court confirms that conscious "awareness" of a representation is an essential (and distinct) element to a claim for misrepresentation

Don't forget to subscribe to the banking litigation blog.

You can find links to our blogs on the cases covered in this podcast below:

• High Court finds defendant bank did not dishonestly assist company restructure to put assets beyond reach of creditors
• Court of Appeal confirms judgments can be entered in favour of Russian sanctioned parties but leaves uncertainty in relation to the “ownership and control” test
• Sanctions tracker – new UK guidance following Mints decision on ownership and control
• Correspondence about possibility of ADR was not “without prejudice” despite being marked as such
• Supreme Court clarifies when a stay of court proceedings will be granted in favour of arbitration under s.9 Arbitration Act 1996
• High Court rules on common law enforceability of foreign judgment in E&W
• Regime of fixed recoverable costs now in force for claims up to £100,000

Don't forget to subscribe to the banking litigation blog.

You can find links to our blogs on the cases covered in this podcast below: 

• The Supreme Court’s judgment in Philipp v Barclays: key takeaways for financial institutions executing customer payments
• High Court confirms refusal of permission for ClientEarth derivative action against Shell directors
• High Court refuses permission to continue derivative claim against bank as an alleged shadow director
• Supreme Court decision today means most existing UK litigation funding agreements likely to be unenforceable
• UK government confirms plans for compulsory mediation in the County Court and decides against statutory regulation of the mediation sector
• English Commercial Court takes rare decision to refuse enforcement of arbitration award on public policy grounds in crypto case

 Don't forget to subscribe to the banking litigation blog.

You can find links to our blogs on the cases covered in this podcast below:

• High Court considers impact of Russian sanctions regimes in UK, EU and US on payment obligations under standby letter of credit
• High Court dismisses claim to recover US investment bank’s success fee in connection with the public offer of shares in Indian bank
• High Court refuses permission for climate-change activist shareholder to bring derivative action on behalf of Shell plc against its directors
• Litigation privilege not restricted to parties to litigation, and other helpful points regarding privilege
• UK listing and prospectus regime reform: potential impact on securities litigation
• The end of the road for USD LIBOR?
• Retained EU Law: no sweeping sunset at the end of the year
• Biannual Banking Litigation Update (Spring 2023)

Don't forget to subscribe to the banking litigation blog.

Speakers: John Corrie (Partner), Ceri Morgan (Professional Support Consultant), Eleanor Dole Sheaf (Senior Associate).

You can find links to our blogs on the cases covered in this podcast below:

• High Court considers reliance in s.90A FSMA claims in context of split trial application
• High Court allows claim in respect of secret commissions to proceed as “opt-out” representative action under CPR 19.6
• Hong Kong court provides novel and influential analysis of the Quincecare duty
• High Court finds UK sanctions do not preclude entry of judgments in favour of Russian sanctioned parties
• High Court underlines need to consider scope of agency in considering whether documents to which agent has access are in principal’s control
• Part 36 offer to settle “the whole of the claim” did not include claims set out in draft amended pleadings

 Don't forget to subscribe to the banking litigation blog.

You can find links to our blogs on the cases covered in this podcast below:

• Is the decentralised governance of Bitcoin a myth? Court of Appeal finds real issue to be tried as to whether developers owe fiduciary duties to Bitcoin owners
• High Court finds lender’s exercise of absolute contractual right is not subject to implied Braganza duty
• Supreme Court strikes out Quincecare claim where no loss suffered by insolvent Ponzi scheme
• Court of Appeal finds disclosure to party’s US lawyers breached embargo on draft judgment, but no further steps taken
• Court orders contempt proceedings to be brought in respect of possible breaches of embargo on draft judgment

Don't forget to subscribe to the banking litigation blog.

 You can find links to our blogs on the cases covered in this podcast below:

•  High Court confirms interest rate swaps entered into with Italian municipal authority were valid, lawful and binding on the parties
• High Court finds that bank's notice of event of default under section 5(a)(i) of the 2002 ISDA Master Agreement is valid
• Court of Appeal finds party was required to accept non-contractual performance in exercising reasonable endeavours to "overcome" force majeure event
• High Court considers contractual construction of irrevocable letter of credit incorporating UCP 600
• Interpreting ICC standardised rules in trade finance disputes: courts take an international perspective
• No privilege for original version of document simply because comparison to final version would reveal legal advice
• Court of Appeal confirms identity of those instructing lawyers not generally protected by litigation privilege

 Don't forget to subscribe to the banking litigation blog.

You can find links to our blogs on the cases covered in this podcast below:

• High Court considers application of COBS and Braganza duty to close out of trading account
• High Court grants bank access to customer documentation relating to receivables in securitisation transaction
• Court of Appeal upholds summary judgment for rent accrued during Covid closures of commercial premises, rejecting arguments based on implied terms and “failure of basis”
• FCA confirms final rules for new Consumer Duty
• Indemnity costs awarded against party who dismissed complaints about witness statement non-compliance as “nit-picking”
• Russian sovereign debt defaults: a disputes perspective

Don't forget to subscribe to the banking litigation blog.

Speakers: John Corrie (Partner), Ceri Morgan (Professional Support Consultant), Elena Kormosh (Senior Associate)

You can find links to our blogs on the cases covered in this podcast below: 

• High Court finds no unfairness in bank’s restructuring of loan arrangements
• High Court considers receiving bank’s liability in context of APP fraud
• High Court grants freezing injunction in relation to stolen non-fungible tokens (NFTs)
• High Court finds identity of those giving instructions to lawyers not protected by litigation privilege
• Party penalised in costs for disproportionate application to strike out witness evidence for non-compliance with PD 57AC
• English court judgment enforced in China for the first time following landmark policy announcement
• High Court considers when recast Brussels Regulation continues to apply in transitional cases

Don't forget to subscribe to the banking litigation blog.

You can find links to our blogs on the cases covered in this podcast below:

• High Court dismisses Quincecare duty claim giving guidance on the scope and nature of the duty
• Privy Council confirms that Quincecare duty is limited to protecting customers and does not extend to protect third parties
• How to navigate the Autonomy judgment: guidance for corporate issuers defending Section 90A / Schedule 10A FSMA shareholder claims
• High Court clarifies meaning of “PDMR” in s.90A FSMA claims
• Freezing orders brought onto the blockchain and service of proceedings via NFTs
• High Court decision suggests party alleging witness statement fails to comply with PD 57AC must identify specific failures
• Article published – Expansion of jurisdiction gateways coming soon

Don't forget to subscribe to the banking litigation blog.

Speakers: John Corrie (Partner), Ceri Morgan (Professional Support Consultant), Tom Wyer (Associate)

 You can find links to our blogs on the cases covered in this podcast below:

• High Court finds developers did not owe duty to cryptoasset owners to enable access to lost cryptoassets
• Court of Appeal finds Quincecare duty is not limited to corporate customers and can (in principle) extend to protecting individuals
• Privy Council confirms that the so-called “reflective loss” principle applies to ex-shareholders
• High Court orders witness statements to be redrafted due to serious non-compliance with PD 57AC
• High Court orders banks to disclose documents under the Evidence (Proceedings in other Jurisdictions) Act 1975
• Privy Council restatement of the law on freezing and other interim injunctions
• UK: EAT orders party to disclose tribunal documents to the Press months after hearing
• Biannual Banking Litigation Update (Spring 2022)

 Don't forget to subscribe to the banking litigation blog.

 Please also find the Herbert Smith Freehills legal privilege web app.

You can find links to our blogs on the cases covered in this podcast below: 

• Privy Council considers reformulated test for determining scope of duty of care owed by professional advisers
• High Court considers the requirement for “awareness” in implied misrepresentation claims
• High Court finds that a claimant’s “awareness” of a representation is an essential prerequisite to a claim for misrepresentation
• High Court decision in first s.90A FSMA claim to reach trial
• High Court upholds settlement agreement relating to earlier proceedings to bar counterclaim, confirming that “unknown” claims can be released
• A counterclaiming defendant can make a valid “claimant’s” Part 36 offer
• High Court finds Covid-19 pandemic did not trigger a material adverse change clause in a contract for Premier League broadcasting rights
• High Court finds Covid-19 pandemic amounted to force majeure event enabling party to terminate contract for rugby broadcasting rights

 Don't forget to subscribe to the banking litigation blog.

You can find links to our blogs on the cases covered in this podcast below:

• High Court applies narrow interpretation of “client” for purposes of legal advice privilege
• Court of Appeal decision in ENRC: orthodoxy restored on litigation privilege, but narrow interpretation of “client” remains for now
• Information gathering by in-house lawyer in order to obtain external advice may not be protected by legal advice privilege
• Impact of Court of Appeal’s privilege decision in Sports Direct v FRC for the financial services sector
• High Court holds auditor must form its own view on client’s claim to privilege when responding to its regulator’s notice to produce documents

 Don't forget to subscribe to the banking litigation blog.

 Please also find the Herbert Smith Freehills legal privilege web app.

• Supreme Court finds claim for compensation under data protection legislation cannot proceed on “opt-out basis” in high profile Lloyd v Google case
• High Court upholds contractual terms setting out basis of relationship in dismissing breach of duty claim relating to introduction to third party investment schemes
• High Court considers whether onerous term in standard terms incorporated by reference
• High Court considers implied terms and “failure of basis” in context of COVID-19 pandemic
• COVID-19 market disclosures and managing the associated litigation risks

 Don't forget to subscribe to the banking litigation blog.

Speakers: John Corrie (Partner), Ceri Morgan (Professional Support Consultant), Scott Warin (Associate)

• Supreme Court clarifies requirements for tort of lawful act economic duress
• Court of Appeal confirms claims seeking remediation for damage to land allegedly caused by oil spill cannot proceed as representative action under CPR 19.6
• Banking Litigation Podcast Episode 20: Monthly Update - August 2020
• Privy Council confirms that the so-called “reflective loss” principle applies to ex-shareholders
• High Court finds accountants’ investigation report not protected by litigation privilege and considers requirements for obtaining disclosure under the Disclosure Pilot
• The Herbert Smith Freehills Legal Privilege Web App
• Disclosure Pilot to be extended for a further year and the procedures streamlined
• The UK’s LIBOR safe harbour legislation: a missed opportunity?

Don't forget to subscribe to the banking litigation blog.

•  Supreme Court clarifies proper approach to SAAMCO and to determining scope of duty of care owed by professional advisers
• Court of Appeal provides guidance on the “reflective loss” principle and its interaction with the Contracts (Rights of Third Parties) Act 1999
• Court of Appeal clarifies proper approach to assessing damages for fraudulent misrepresentation
• European Commission notice to Lugano Depositary states EU not in a position to consent to UK accession
• HMT reform of prospectus regime: the potential impact on securities litigation

 Don't forget to subscribe to the banking litigation blog.

• Court of Appeal confirms that the Quincecare duty does not extend to protect creditors 
• Banking Litigation Podcast Episode 25: Special Edition– The Quincecare Duty of Care
• High Court considers Quincecare and dishonest assistance claims against bank in context of Ponzi scheme
• High Court strikes out time-barred claims holding that banks did not deliberately conceal facts so as to extend the limitation period 
• High Court considers doctrine of frustration in Covid context and confirms there is no such thing as “temporary frustration”
• Parent companies’ documents found to be in subsidiaries’ control for disclosure purposes
• High Court considers scope of jurisdiction and meaning of records under Bankers’ Book Evidence Act 1879
• Duty of Care – countdown to the much anticipated FCA consultation

 Don't forget to subscribe to the banking litigation blog.

• High Court determines that reliance issues in context of a s.90A FSMA claim should be heard at first trial
• High Court strikes out s.90A FSMA claims for failure to comply with pre-service joinder rules following expiration of arguable limitation period
• Supreme Court allows appeal in jurisdictional challenge relating to parent company duty of care
• High Court considers principles relating to cut-off dates and the costs of advertising in group litigation
• High Court finds that a claimant’s “awareness” of a representation is an essential prerequisite to a claim for misrepresentation

 Don't forget to subscribe to the banking litigation blog.

Quincecare duty claims typically arise where a bank or deposit holding financial institution has received a payment mandate from an authorised signatory of its customer, and executed the order, in circumstances where (allegedly) there were red flags to suggest that the order was an attempt to misappropriate the funds of the customer. The past few years have witnessed an uptick in such claims, with a proliferation of judgments being handed down in quick succession since the Supreme Court’s decision in Singularis Holdings Ltd v Daiwa Capital Markets Europe Ltd [2019] UKSC 50. In our podcast, we discuss how these judgments have defined both the scope of the duty, and the potential tools in the armoury of banks to defend these claims. 

 You can find links to our blog posts on the cases covered in this podcast below:

• Court of Appeal judgment on scope and exclusion of “Quincecare” duty of care
• Supreme Court upholds first successful claim for breach of the so-called “Quincecare” duty of care
• High Court refuses to strike out Quincecare duty claim against a PSP where its customer was hijacked by fraudsters
• High Court provides further insights on the risks of Quincecare claims against banks
• High Court confirms current scope of Quincecare duty is limited to protecting corporate customers and does not extend to individuals
• Hong Kong court refuses to expand scope of Quincecare duty

Don't forget to subscribe to the banking litigation blog.

• High Court considers First Tower judgment in the context of no-advice clauses and confirms UCTA does not apply
• High Court confirms current scope of Quincecare duty is limited to protecting corporate customers and does not extend to individuals
• High Court provides further insights on the risks of Quincecare claims against banks
• Supreme Court judgment in the KBR v SFO appeal – limits to extraterritorial impact of the SFO’s document compulsion powers
• Court of Appeal clarifies that cross-undertakings should rarely be required as a condition of security for costs
• Witness evidence reforms: final versions now published and will apply from 6 April
• Brexit: key practical implications for disputes and dispute resolution clauses

 Don't forget to subscribe to the banking litigation blog.

• High Court tests newly narrowed scope of the “reflective loss” rule in first decision since the Supreme Court’s judgment in Marex
• Commercial Court considers impact of force majeure clause on repayment obligation in sale of goods contract
• High Court finds no breach of duty by bank in exercise of enforcement rights under finance agreements
• High Court strikes out group claims in light of parallel claims overseas: good news for parent company liability claims?
• Class action reform in France: Necessary, but debatable
• Capital Raisings and Opportunistic M&A in a Covid-19 Environment—Lessons Learned from the Global Financial Crisis
• Beyond Brexit: Countdown to 1 January 2021 – new video briefings and podcasts available, including on jurisdiction and enforcement of judgments
• How far can UK courts depart from EU case law?

 Don't forget to subscribe to the banking litigation blog.

Speakers: John Corrie (Partner), Ceri Morgan (Professional Support Consultant), Mark Tanner (Senior Associate)

• Court of Appeal upholds High Court’s decision on the preferred contractual construction of a term in an exclusion clause
• Commercial Court grants declaratory relief to bank relating to its rights under the 1992 ISDA Master Agreement
• High Court strikes out two IRHP mis-selling claims on the grounds of abuse of process, limitation and underdeveloped allegations of fraud
• High Court refuses to strike out Quincecare duty claim against a PSP where its customer was hijacked by fraudsters
• Banking Litigation Podcast Episode 13: Monthly Update - November 2019 (in which we covered Singularis Holdings Ltd v Daiwa Capital Markets [2019] UKSC 50)
• High Court considers Quincecare and dishonest assistance claims against bank in context of Ponzi scheme
• High Court finds no need to enquire into qualifications of foreign lawyer in applying English law privilege

Don't forget to subscribe to the banking litigation blog

Speakers: John Corrie (Partner), Ceri Morgan (Professional Support Consultant), Georgia Nickson (Associate)

• Court of Appeal upholds High Court decision to grant summary judgment in FX de-pegging case
• High Court says bank need not comply with numerous and repetitive DSARs which were being used for a collateral purpose
• The Tesco Litigation: lessons learned from split trial orders in the context of securities class actions
• High Court strikes out claimants’ representative action due to failure to meet “same interest” requirement under CPR 19.6
• Judgment handed down in FCA’s COVID-19 business interruption insurance test case
• Singapore Convention on Mediated Settlement Agreements comes into force tomorrow, 12 September 2020
• Webinar Available: Dispute Resolution Choices for Banks and Financial Institutions – Maximising the Chances of Successful Enforcement

 Don't forget to subscribe to the banking litigation blog.

Speakers: John Corrie (Partner), Ceri Morgan (Professional Support Consultant), Scott Warin (Associate)

• Untangling, but not killing off, the Japanese knotweed: Supreme Court confirms existence and scope of “reflective loss” rule
• High Court requires claimant investors to disclose their investment history to show their level of sophistication and appetite for risk
• High Court finds no duty of care owed for late execution of orders due to unforeseen market turbulence
• Default judgment set aside where claim served at closed offices during COVID-19 lockdown
• Part 36 offer to accept 0.3% less than total amount claimed constituted genuine offer to settle

 Don't forget to subscribe to the banking litigation blog

Speakers: John Corrie (Partner), Ceri Morgan (Professional Support Consultant), Ajay Malhotra (Senior Associate)

You can find links to our blog posts on the cases covered in this podcast below:

• High Court takes robust approach to personal guarantees: potential impact for accredited lenders under the Coronavirus Business Interruption Loan Schemes
• Court of Appeal confirms borrower’s right to withhold payment under English law Tier 2 Capital facility agreement where risk of US secondary sanctions
• Privilege in the context of regulatory investigations: latest guidance from the High Court
• High Court takes expansive view of when reference to legal advice may result in broader waiver
• Untangling, but not killing off, the Japanese knotweed: Supreme Court confirms existence and scope of “reflective loss” rule
• UK Government announces LIBOR legislative fix: summary of proposals and our initial observations

Don't forget to subscribe to the banking litigation blog

You can find links to our blog posts on the cases covered in this podcast below:

• High Court rejects indemnity claim under SPA due to a failure to notify the claim “as soon as possible”
• High Court finds claim for lost profits arising from damage caused by London riots not prevented by force majeure or exclusion for indirect or consequential loss
• Litigation funder fails in attempt to obtain trading data from the London Stock Exchange
• Proposed insolvency reforms: impact on secured and unsecured bank debt

Don't forget to subscribe to the banking litigation blog

• Court of Appeal upholds High Court contractual construction of CLO transaction
• High Court finds in favour of novel duty of care on employers (or quasi-employers) to protect against economic loss by providing an "ethically safe" work environment
• High Court declines to adjourn five-week trial due to COVID-19 pressures
• High Court refuses to set aside or vary disclosure order despite risk of foreign criminal or regulatory sanctions
• Competing class actions in the Competition Appeal Tribunal: no preliminary ruling on carriage issue

Don't forget to subscribe to the banking litigation blog

You can find links to our blog posts on the cases covered in this podcast below:

•  High Court finds no implied contractual duties in connection with past business review
• Morrisons wins Supreme Court appeal against finding of vicarious liability in data breach class action
• Court of Appeal confirms funders’ adverse costs liability not limited to amount of funding provided: Arkin “cap” not a binding rule
•  Class actions against financial institutions: impact of High Court decision to order security for costs against a litigation funder
• Impact of Court of Appeal’s privilege decision in Sports Direct v FRC for the financial services sector
• COVID-19 Hub

You can find links to our blog posts on the cases covered in this podcast below:

• High Court grants proprietary injunction against Bitcoin exchange holding proceeds of ransomware attack
• High Court upholds financial institution restructuring unit’s exercise of its powers under facility agreement following borrower default, finding there was no “relational contract” and rejecting claims for intimidation and economic duress
• High Court strikes out claim against banks in their capacity as lenders to investors of a tax deferral scheme
• Joint Operating agreement arguably a "relational contract" but Commercial Court declines to imply duty of good faith or Braganza duty
• Court of Appeal finds legal advice privilege is subject to a “dominant purpose” test

Don't forget to subscribe to the banking litigation blog

You can find links to our blog posts on the cases covered in this podcast below:

• High Court upholds strike out of claim based on allegation a financial institution breached fiduciary duties as a shadow director of its customer
• High Court finds privilege not lost despite document being referred to in open court
• High Court orders claimants to provide disclosure to prove investment decisions were made in reliance on defective publications in the Tesco section 90A FSMA group litigation
• Court of Appeal confirms Part 36 offer cannot be made exclusive of interest

Don't forget to subscribe to the banking litigation blog.

Katherine and Emma are experts in regulatory matters across a wide range of sectors, and have regularly been advising on Brexit-related implications for financial services firms.

You can find links to our blog posts on the cases covered in this podcast below:

• The Lloyds/HBOS litigation: The first shareholder class action judgment in England & Wales
• First securities class action judgment in Australia
• High Court refuses Tesco’s strike out application in s.90A FSMA group shareholder action
• Supreme Court upholds first successful claim for breach of the so-called “Quincecare” duty of care
• The Financial Services Duty of Care Bill

Don't forget to subscribe to the banking litigation blog.

In rejecting the claim brought by a group of shareholders against Lloyds relating to its acquisition of HBOS in 2008, the decision of the High Court provides clarity on some of the most important battlegrounds which arise in shareholder class actions as well as guidance for listed companies and their directors on various key aspects of capital markets and M&A transactions.

This significant decision will have ramifications for listed companies, and their advisers, in the UK. A briefing paper setting out our observations and insights is available here.

Herbert Smith Freehills acted for Lloyds in the litigation, and in this podcast we summarise the outcome, implications for banks (as both issuers and as advisers in an investment banking capacity) and share our litigation top tips.  

You can find links to our blog posts on some of the cases covered in this podcast below:

• Court of Appeal confirms "once privileged, always privileged" unless privilege is waived – even if there is no longer anyone who can assert the privilege
• Court of Appeal finds claim for damages for loss of control of data can proceed as representative action under CPR 19.6
• High Court finds terms of English law Facility Agreement allowed borrower to withhold interest payments given risk of US “secondary” sanctions
• Court of Appeal judgment on scope and exclusion of "Quincecare" duty of care
• Damages-based agreements (DBAs): promising proposals for reform

Don't forget to subscribe to the banking litigation blog.

You can find links to our blog posts on some of the cases covered in this podcast below:

• High Court finds in favour of Lehman administrator in respect of US $7 million trade error and implies term into otherwise “unworkable” debt security trade agreement
• High Court endorses use of CPR Part 86 interpleader application by financial services firm seeking court guidance
• Privilege: A reminder of the dangers of cherry picking
• 46 countries sign the new Singapore Convention on mediated settlements

Don't forget to subscribe to the banking litigation blog.

• Court of Appeal clarifies test for rectifying terms of written contract for common mistake
• Commercial Court considers contractual discretion of bank to close customer account without notice where there is suspicion of money laundering
• Supreme Court clarifies broad scope of court’s discretion to grant non-party access to court documents
• High Court finds there is no power to stay English proceedings to give effect to exclusive jurisdiction clause in favour of non-EU court unless proceedings were commenced first in the foreign court
• What securities litigators need to know about the new Prospectus Regulation

Don't forget to subscribe to the banking litigation blog.

• Court of Appeal clarifies test for rectifying terms of written contract for common mistake
• Commercial Court considers contractual discretion of bank to close customer account without notice where there is suspicion of money laundering
• Supreme Court clarifies broad scope of court’s discretion to grant non-party access to court documents
• High Court finds there is no power to stay English proceedings to give effect to exclusive jurisdiction clause in favour of non-EU court unless proceedings were commenced first in the foreign court
• What securities litigators need to know about the new Prospectus Regulation

Don't forget to subscribe to the banking litigation blog.

• Court of Appeal upholds decision rectifying share purchase agreement and disclosure letter
• Commercial Court gives guidance on definition of ‘consumer’ under Recast Brussels Regulation in cryptocurrency futures trading case
• Court of Appeal finds ISDA jurisdiction clause trumps competing clause in related contract
• Disclosure Pilot: High Court clarifies transitional operation and considers privilege claims
• Court of Appeal finds offer relating to unpleaded counterclaim was valid under Part 36
• LIBOR discontinuation – FCA thematic feedback on responses to Dear CEO letter

Don't forget to subscribe to the banking litigation blog.

• Court of Appeal confirms no claim for third party’s loss unless common intention to benefit the third party at the time of contracting
• Court of Appeal confirms ISDA 1995 Credit Support Annex does not provide for payment of ‘negative’ interest
• High Court declines to apply so-called Arkin cap to restrict funder’s liability for adverse costs
• High Court finds parties agreed to vary application of “without prejudice” rule in subsequent “without prejudice save as to costs” correspondence

Don't forget to subscribe to the banking litigation blog.

• High Court refuses permission for collateral use of disclosed documents and witness statements to respond to US grand jury subpoena
• Court of Appeal emphasises the need to plead conspiracy claims in full
• High Court applies contractual interpretation principles in collateralised loan obligation transaction
• High Court provides guidance on relational contracts and implied duties of good faith
• Letters of Instruction: Banks’ liability to third parties clarified by Court Of Appeal
• Important High Court guidance on the limits of determining party’s discretion when calculating Loss under the 1992 ISDA Master Agreement

Don't forget to subscribe to the banking litigation blog.

• Court of Appeal gives guidance on scope of fiduciary duty in “secret commissions” case
• Commercial Court rejects EURIBOR implied representations
• Supreme Court considers loss of a chance in professional negligence claim

Don't forget to subscribe to the banking litigation blog.

• High Court orders Tesco to disclose SFO documents in s.90A FSMA shareholder class action
• Court of Appeal gives guidance on how to apply jurisdiction test laid down by Supreme Court
• Court of Appeal confirms defendants not obliged to make enquiries of third parties before pleading non-admissions
• Court of Appeal decision in Manchester Building Society v Grant Thornton: clarification of “advice” vs “information” distinction when applying the SAAMCO principle

Don't forget to subscribe to the banking litigation blog.

• High Court refuses declarations sought by trustee of unsecured notes as to amounts due and payable by issuer
• Court of Appeal finds litigation privilege is restricted to the purpose of obtaining advice or information, not the conduct of litigation more broadly
• High Court finds entire agreement clause did not exclude liability for misrepresentation

Don't forget to subscribe to the banking litigation blog.