Latest by Jake Hardy

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Are you a "person discharging managerial responsibility"? High Court clarifies meaning of PDMRs under FSMA

Published on 23 May 2022. By Carolin Mester , Associate and Jake Hardy, Partner

In a recent interim decision in Allianz Global Investors GmbH and Ors v G4S Ltd (formerly G4S plc) [2022] EWHC 1081 (Ch), Mr Justice Miles clarified the scope of the expression "persons discharging managerial responsibility" ("PDMRs") for the purpose of establishing liability under s.90A and Schedule 10A of Financial Services and Markets Act 2000 ("FSMA").

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Privy Council decides that banks owe no Quincecare duty to a beneficial owner of monies in an account

Published on 17 May 2022. By Tom Hibbert, Global Head of Commercial Disputes and Jonathan Cary, Partner and Alan Williams, Partner and Jake Hardy, Partner and Chris Ross, Partner and Olivia Dhein, Professional Support Lawyer

A bank does not owe the beneficial owner of account monies any duty of care in negligence, including any Quincecare duty: this was the conclusion of the Privy Council in the Isle of Man case Royal Bank of Scotland International Ltd v JP SPC4 and another. The appeal concerned a fraud where the account holder had defrauded the beneficial owner of the monies, an investment fund, by paying funds out of the relevant bank accounts in contravention of a legitimate investment scheme.

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Where's the damage? High Court dismisses jurisdiction challenge in US$495 million claim

Published on 10 March 2022. By Jake Hardy, Partner and Charlotte Henschen (née Ducker), Partner

The High Court has dismissed UBS' challenge to jurisdiction in a ca. US$495 million claim – and in doing so set out useful guidance in terms of how the Court will determine "where the damage has occurred" in cases of economic loss. The judge looked for the most "natural analysis" in determining the manifestation of the loss, and broadly agreed that "the usual answer [in bad investment cases] will be that the loss occurs in, and at the place of, the bank account which was depleted."

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How aware were you? High Court refuses to strike out fraudulent misrepresentation claim in VW 'Dieselgate' emissions

Published on 03 February 2022. By Jessica Davies, Associate and Jake Hardy, Partner

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In Crossley and others v Volkswagen Aktiengesellschaft and others(1) the High Court refused to strike out or summarily dismiss the fraudulent misrepresentation claim brought by more than 86,000 vehicle owners against Volkswagen ("VW").

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Summary judgment application does not amount to submission to English jurisdiction

Published on 09 December 2021. By Jake Hardy, Partner and Joe Cresswell, Associate

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Does applying for summary judgment application before the determination of a parallel application for a stay, amount to a step in the proceedings that results submission to the jurisdiction?

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English Commercial Court upholds the validity of swap contracts entered into by an Italian local authority

Published on 12 November 2021. By Tim Potts, Senior Associate and Jake Hardy, Partner

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The Commercial Court has found that there was no limitation on the capacity of the Italian local authority Busto di Arsizio to enter into a valid swap contracts with Deutsche Bank.

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To MAE or not to MAE? Commercial Court hands down preliminary issues judgment in first Covid-19 Material Adverse Effect case

Published on 05 November 2020. By Jodie Gittins, Associate and Jake Hardy, Partner

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In her recent decision in Travelport Limited and others v Wex Inc,(1) the Head of the Commercial Court provided topical guidance on the construction and application of Material Adverse Effect clauses in the context of the Covid-19 pandemic.

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LIBOR claim by US agency will continue in London

Published on 10 August 2020. By Jake Hardy, Partner and Rosy Gibson, Associate

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A decision in the London High Court has demonstrated that the fallout from the long-running LIBOR fixing scandal is far from over.

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Letter of contract versus business common sense – latest from Court of Appeal

Published on 20 November 2018. By Jake Hardy, Partner

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In the latest of a long line of higher court authorities debating the boundaries between black letter and more purposive approaches to contractual construction, the Court of Appeal has taken another step away from the high-water marks of the business common sense approach to contractual meaning.

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First Tower Trustees: contractual fiction clauses, unfair contract terms, parliamentary sovereignty and the limits of party autonomy

Published on 06 July 2018. By Jake Hardy, Partner

In its recent judgment in First Tower Trustees Ltd and Intertrust Trustees Ltd -v- CDS (Superstores International) Ltd, the Court of Appeal has set down a significant marker that so-called contractual estoppel does not have any special status and is to be treated as just another form of exclusion of liability.

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In the Matter of Agrokor DD: Model Laws and PIK toggle loans

Published on 26 February 2018. By Jake Hardy, Partner

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A recent application made by insolvency practitioner of Agrokor, a major Croatian conglomerate, resulted in recognition in England of a stay of civil proceedings against the group. The purpose of the application was to halt any proceedings in relation to Agrokor's securities and debt obligations containing English law and jurisdiction provisions, pending the restructuring in the Croatian insolvency proceedings of the affairs of the group.

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High Court considers validity and timing of contractual notices in close-out procedures

Published on 16 November 2016. By Jake Hardy, Partner

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The Commercial Court in London has considered a range of issues arising from the application of the close-out provisions of the standard form GMRA (Global Master Repurchase Agreement), year 2000 version (2000 GMRA).

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Let's call it quits: Cruise ships, capital losses and mitigation

Published on 17 February 2016. By Jake Hardy, Partner

In its recent judgment in Fulton Shipping Inc of Panama –v- Globalia Business Travel SAU the Court of Appeal considered a short, but important, point of law in relation to the calculation of damages in English law.

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Otkritie and the "Aldi requirement"

Published on 07 September 2015. By Jake Hardy, Partner

The judgment in Otkritie –v- Threadneedle examined the interplay between the "Aldi requirement" ...

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Reflex actions: Plaza BV -v- The Law Debenture Trust Corporation

Published on 10 March 2015. By Jake Hardy, Partner

The recent judgment of Mrs Justice Proudman in Plaza BV –v- The Law Debenture Trust Corporation1 illustrates and extends a line of authorities in which the English courts have sought to narrow the scope of the mandatory application of Article 2 of the Brussels Regulation 44/2001.

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Bribes and Undisclosed Commissions to Agents: Supreme Clarity.

Published on 29 October 2014. By Jake Hardy, Partner

In late July, the Supreme Court of England and Wales handed down a succinct judgment on a topic which, while narrow, is of considerable importance in its sphere.

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Joint defendants, default judgments and the limits of issue estoppel

Published on 30 June 2014. By Jake Hardy, Partner

In proceedings with multiple Defendants in which the Claimant had obtained default judgment against Defendant A, another Defendant, B, (which had statutory joint liability for A's actions) was not bound by an issue estoppel raised by the default judgment against A.

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When within Rome I or II, do as your EU counterpart might (or might not) do but not in quite the same way they would do it.

Published on 12 March 2014. By Jake Hardy, Partner

It seems fairly uncommon[1] for a personal injury action to become a precedent of interest to, and significance for, commercial lawyers.

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State Street fine shows increasingly active FCA

Published on 10 February 2014. By Jake Hardy, Partner

On Friday 31 January 2013, the Financial Conduct Authority ("FCA") released its Final Notice in relation to an investigation of two of State Street's UK businesses.

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The Alexandros T

Published on 04 December 2013. By Jake Hardy, Partner

The Supreme Court in The Alexandros T has delivered an important decision on the application of Articles 27 and 28 of Regulation 44/2001 in the English courts.

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Supreme Court sheds light on service of English proceedings abroad

Published on 07 August 2013. By Jake Hardy, Partner

The Supreme Court in its decision in Abela & Ors v Baadarani considered the requirements for service of English proceedings abroad, ...

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