Latest by Olivia Dhein

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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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Court of Appeal strikes out defences that funds' losses resulting from FX manipulation have been passed on to investors following redemption

Published on 06 May 2022. By Simon Hart, Partner and Christopher Wheatley , Senior Associate and Olivia Dhein, Professional Support Lawyer

In Allianz Global Investors GmbH & Ors v Barclays Bank PLC & Ors(1), the Court of Appeal allowed an appeal by the claimant funds (the Funds) and struck out defences by the Defendant banks (the Banks) that losses incurred by the Funds had been avoided or passed on upon redemption by their investors.

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Court of Appeal holds that Quincecare duty can arise in principle where customer gives instructions in authorised push payment fraud

Published on 21 April 2022. By Jonathan Cary, Partner and Olivia Dhein, Professional Support Lawyer

The Court of Appeal has clarified in Philipp v Barclays Bank UK Plc [2022] EWCA Civ 318 that the Quincecare duty, which requires a bank to refrain from acting on a payment instruction and to make inquiries when it is on notice of a serious possibility of fraud, can arise for a bank even where it is the customer themselves giving instructions to pay money out of their account to a fraudster.

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Updated P.R.I.M.E. Finance Arbitration Rules launched for 2022

Published on 09 December 2021. By Jonathan Cary, Partner and Jonathan Wood, Chair of International Arbitration and Olivia Dhein, Professional Support Lawyer

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P.R.I.M.E Finance, the Hague-based Panel of Recognised International Market Experts in Finance, has launched updated P.R.I.M.E Finance Arbitration Rules (the Rules), which come into force from 1 January 2022.

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What's up with disclosure? The pilot goes into a new phase from November

Published on 17 November 2021. By Daniel Hemming, Partner and Olivia Dhein, Professional Support Lawyer

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November ushers in a brand new phase for the disclosure pilot with several substantive amendments being made to the rules.

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