Latest by Jake Hardy
Are you a "person discharging managerial responsibility"? High Court clarifies meaning of PDMRs under FSMA
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").
Read morePrivy Council decides that banks owe no Quincecare duty to a beneficial owner of monies in an account
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.
Read moreWhere's the damage? High Court dismisses jurisdiction challenge in US$495 million claim
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."
Read moreHow aware were you? High Court refuses to strike out fraudulent misrepresentation claim in VW 'Dieselgate' emissions
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").
Read moreSummary judgment application does not amount to submission to English jurisdiction
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?
Read moreEnglish Commercial Court upholds the validity of swap contracts entered into by an Italian local authority
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.
Read moreTo MAE or not to MAE? Commercial Court hands down preliminary issues judgment in first Covid-19 Material Adverse Effect case
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.
Read moreLIBOR claim by US agency will continue in London
A decision in the London High Court has demonstrated that the fallout from the long-running LIBOR fixing scandal is far from over.
Read moreLetter of contract versus business common sense – latest from Court of Appeal
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.
Read moreFirst Tower Trustees: contractual fiction clauses, unfair contract terms, parliamentary sovereignty and the limits of party autonomy
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.
Read moreIn the Matter of Agrokor DD: Model Laws and PIK toggle loans
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.
Read moreHigh Court considers validity and timing of contractual notices in close-out procedures
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).
Read moreLet's call it quits: Cruise ships, capital losses and mitigation
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.
Read moreOtkritie and the "Aldi requirement"
The judgment in Otkritie –v- Threadneedle examined the interplay between the "Aldi requirement" ...
Read moreReflex actions: Plaza BV -v- The Law Debenture Trust Corporation
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.
Read moreBribes and Undisclosed Commissions to Agents: Supreme Clarity.
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.
Read moreJoint defendants, default judgments and the limits of issue estoppel
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.
Read moreWhen 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.
It seems fairly uncommon[1] for a personal injury action to become a precedent of interest to, and significance for, commercial lawyers.
Read moreState Street fine shows increasingly active FCA
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.
Read moreThe Alexandros T
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.
Read moreSupreme Court sheds light on service of English proceedings abroad
The Supreme Court in its decision in Abela & Ors v Baadarani considered the requirements for service of English proceedings abroad, ...
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