Banking Disputes Quarterly

Q4 2016

Banking Disputes Quarterly

Litigation Update

Welcome to the latest edition of our Banking Disputes Quarterly, designed to keep you up to date with the latest news and legal developments and to inform you about future developments that may affect your practice. The paragraphs below summarise the issues covered in this edition.

In this issue

  • FCA v Macris
    26 JAN 2017

    The Supreme Court is soon expected to publish its judgment in the case of FCA v Macris, the appeal having been heard back in October 2016. The judgment could have a significant impact on the way in which the Financial Conduct Authority (FCA) drafts its warning, decision and final enforcement notices.

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  • High court orders claimant to reveal funder’s identity to enable security for costs application
    26 JAN 2017

    Wall v The Royal Bank of Scotland plc [2016] EWHC 2460 (Comm) concerned the bank's application that the claimant reveal the name and address of any third party funder funding the litigation in circumstances where the claimant had refused to disclose the funder's identity. The application was for the purpose of aiding the bank's security for costs application.

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  • Judge rejects all claims in first LIBOR manipulation case to reach trial
    26 JAN 2017

    On 21 December 2016 Mrs Justice Asplin handed down a keenly awaited judgment in the case of Property Alliance Group Limited v The Royal Bank of Scotland PLC [2016] EWHC 3342 (Ch) dismissing all of the claimant’s claims. The case had attracted considerable media and market attention as it was the first major civil claim involving allegations of LIBOR manipulation to reach trial and had been regarded as something of a test case.

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  • Pre-action protocol for debt claims likely to launch in 2017
    26 JAN 2017

    A large proportion of the business conducted by the civil courts in England and Wales relates to debt claims and a high proportion of those claims arise under agreements regulated by the Consumer Credit Act 1974. As long ago as 2010 Lord Justice Jackson recommended that debt claims should be subject to a specific pre-action protocol. Since then a number of draft protocols have been put out for public consultation but progress towards an agreed final version has been slow, with creditors and representatives from the debt advice sector remaining polarised in their views. A recent joint statement from the Credit Services Association (CSA) and the Civil Court Users Association (CCUA) following a December meeting of the Civil Procedure Rules Committee (CPRC) suggests that a final protocol is being drafted and that it is likely to be implemented in 2017.

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