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Perspective - Publication

Lawyers Covered - November 2022

Published on 29 Nov 2022. By Will Sefton, Partner and Head of Professional and Financial Risks and Carmel Green, Partner and Tina Campbell, Senior Associate and Scott Robins, Associate

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Perspective - Publication

Lawyers Covered - October 2022

Published on 31 Oct 2022. By Claire Revell, Partner and Carmel Green, Partner and Daniel Charity, Associate

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Perspective - Publication

Lawyers Covered - September 2022

Published on 30 Sep 2022. By Claire Revell, Partner and Carmel Green, Partner and Daniel Charity, Associate

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Perspective - Publication

Lawyers' Risks in Acting for Corporate Clients Without Authority

Published on 08 Sep 2022. By Nick Bird, Partner and Georgia Durham, Associate

The recent decision in Rushbrooke UK Ltd v 4 Designs Concept Ltd [2022] EWHC 1687 (Ch) has highlighted the dangers for lawyers in acting for corporate clients on the instructions of a director without authority of the company. Most of the authority in this area has focused on commencement of litigation but the principles apply too to transactional matters.

Perspective - Publication

Lawyers Covered - August 2022

Published on 30 Aug 2022. By Claire Revell, Partner and Carmel Green, Partner and Daniel Charity, Associate

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Perspective - Publication

Lawyers Covered - July 2022

Published on 28 Jul 2022. By Claire Revell, Partner and Carmel Green, Partner and Aimee Talbot, Knowledge Lawyer

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Perspective - Publication

Lawyers Covered - June 2022

Published on 28 Jun 2022. By Will Sefton, Partner and Head of Professional and Financial Risks and Carmel Green, Partner and Tina Campbell, Senior Associate and Aimee Talbot, Knowledge Lawyer and Graham Reid, Partner and Alifya Bharmal, Associate and George Barratt, Senior Associate

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Perspective - Publication

Lawyers Covered - May 2022

Published on 26 May 2022. By Will Sefton, Partner and Head of Professional and Financial Risks and Carmel Green, Partner and Tina Campbell, Senior Associate and Aimee Talbot, Knowledge Lawyer

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Perspective - Publication

Lawyers Covered - March 2022

Published on 31 Mar 2022.

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Perspective - Publication

Duties of Care to Third Parties in Tax Avoidance Schemes – Disappointment for Investors in McClean as Zacaroli, J Rejects Claims

Published on 16 Mar 2022. By Laura Stocks, Partner and Nick Bird, Partner

Mr Justice Zacaroli has now handed down his judgment in David McClean and others v Andrew Thornhill QC [2022] EWHC 457 (Ch) - a ~£40m claim by investors in a tax scheme against one of the leading tax barristers in the country. The judge dismissed the claim in its entirety holding, amongst other things that the barrister did not owe a duty of care to the investors.

Perspective - Publication

Duties of Care to Third Parties in Tax Avoidance Schemes – Disappointment for Investors in McClean as Zacaroli, J Rejects Claims

Published on 09 Mar 2022. By Nick Bird, Partner and Laura Stocks, Partner

Mr Justice Zacaroli has now handed down his judgment in David McClean and others v Andrew Thornhill QC [2022] EWHC 457 (Ch) - a ~£40m claim by investors in a tax scheme against one of the leading tax barristers in the country. The judge dismissed the claim in its entirety holding, amongst other things that the barrister did not owe a duty of care to the investors.

Perspective - Publication

Lawyers Covered - January 2022

Published on 31 Jan 2022.

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Perspective - Publication

Lawyers Covered - November 2021

Published on 30 Nov 2021.

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Perspective - Publication

Lawyers Covered - July 2021

Published on 30 Oct 2021.

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Perspective - Publication

Lawyers Covered - October 2021

Published on 30 Oct 2021.

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Perspective - Publication

Lawyers Covered - August 2021

Published on 23 Aug 2021.

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Perspective - Publication

Lawyers Covered - May 2021

Published on 25 May 2021.

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Perspective - Publication

Lawyers Covered - April 2021

Published on 25 Apr 2021.

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Perspective - Publication

Lawyers Covered - March 2021

Published on 24 Mar 2021.

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

Press and Media

Whistle-blowing on illegal cartels drops 70% in 5 years

Published on 18 Sep 2023. By Chris Ross, Partner and Arash Rajai, Partner

Competition and Markets Authority (CMA) recently increased award to £250,000 Calls to the CMA hotline have plummeted from 1,442 in 2017 to 427 in 2022

Perspective - Blog

Stamp duty land tax (SDLT) avoidance and corporate property deals – the importance of timing!

Published on 21 May 2019. By Ben Roberts, Partner

The First-Tier Tribunal has, in a recent decision, caused something of a stir for clients and advisors familiar with the well-trodden (and, usually, tax-efficient) use of offshore unit trusts to hold UK property.

Perspective - Publication

Law passed to regulate Significant Investments in Singapore Entities

Published on 12 Jan 2024. By Kenneth Leong, Partner and Jemima Holly Ang, Associate

The Significant Investments Review Bill (the "Bill") was recently passed by Parliament on 9 January 2024, and is expected to take effect in the first half of the year.

Profile

Sarah Chiang

Associate

Perspective - Blog

US and Chinese regulators sign landmark agreement on inspection of Chinese audit work

Published on 02 Sep 2022. By Antony Sassi, Managing Partner, Asia and Samuel Hung, Partner and Jennifer Leung, Associate

On 26 August 2022, the US Public Company Accounting Oversight Board (PCAOB) and the PRC China Securities Regulatory Commission (CSRC) and Ministry of Finance (MoF) signed a Statement of Protocol that would allow US regulators access to audits of Chinese companies listed on the US stock exchanges.

Press and Media

UK authorities seize £179m from suspected criminals – up 16% in a year

Published on 16 Oct 2023. By Adam Craggs, Partner and Michelle Sloane, Partner

UK authorities, including the SFO, HMRC and police, seized £179m last year[1] from criminals using draconian Confiscation Orders – an increase of 16% on £154m a year earlier, according to analysis of new data by international law firm RPC.

Perspective - Blog

The CAT's new approach: I can't afford a carriage (dispute)

Published on 02 Jun 2023. By Chris Ross, Partner and Leonia Chesterfield, Of Counsel

Since the collective proceedings regime in the UK's Competition Appeal Tribunal (CAT) kicked off, a number of carriage disputes have arisen. So-called 'carriage disputes' arise when there are two or more competing proposed class representatives (PCRs) seeking certification (and therefore 'carriage') of overlapping class actions.

Profile

Kim Wright

Senior Associate

Perspective - Blog

Accountants, auditors and actuaries beware: the FRC continues to show its teeth, as its future stands in the balance

Published on 18 Jul 2018. By Rachel Ford, Partner

In widely publicised news, the Financial Reporting Council (FRC) continues to levy record high fines and has cast criticism on a number of firms. What appears to be an unforgiving stance taken by the regulator seems to come in the wake of the review into whether or not it should be disbanded, or folded into another regulatory organisation.

Perspective - Blog

The future of SIPPs – FCA responds to the Work and Pensions Committee

Published on 05 Jul 2018. By Rachael Healey, Partner

A couple of weeks ago we reported on 5 pointed questions raised by the Work and Pensions Committee of the FCA in relation to the SIPP market. Those questions included whether or not the FCA was considering banning non-standard investments in SIPPs. The FCA has now responded. The response includes the FCA's views on the due diligence it expects of SIPP providers when it comes to non-standard investments.

Perspective - Blog

Model Articles deemed unsuitable for sole director companies

Published on 24 May 2022. By Rupert Wyles, Senior Associate

A recent decision of the High Court in Hashmi v Lorimer-Wing [2022] EWHC 191 (Ch) has suggested that the model articles for private companies are not suitable for companies with a sole director appointed.

Perspective - Blog

A licence to kill... a licence

Published on 11 Mar 2019. By Tim Anderson, Partner

In the second of a number of short articles we are producing in relation to businesses in the tech space, we will be discussing a real life example of what not to do when diligencing a tech company and its third party IP licence agreements.

Perspective - Blog

New regulations to permit assignment of receivables under commercial contracts now in force

Published on 11 Jan 2019. By Edward Colville, Partner

After more than four years of consultation, draft regulations and revisions, the Business Contract Terms (Assignment of Receivables) Regulations 2018 (the Regulations) have now taken effect, and apply to all relevant contracts entered into on or after 31 December 2018.

Perspective - Blog

Huawei and UK National Security - A new technology cold war?

Published on 11 Dec 2018. By Neil Brown, Partner and Charles Buckworth, Partner

Chinese technology giant, Huawei, has been making plenty of headlines recently. First, a number of Western governments (including the US, Australia and New Zealand) have banned Huawei equipment from being used in 5G networks, citing national security concerns. Next, Huawei's CFO was arrested in Canada in connection with alleged breaches of international sanctions.

Perspective - Blog

Crypto damages quantification: valuation at the date of breach or date of judgment?

Published on 10 Jul 2024. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

In Southgate v. Graham [2024] EWHC 1692 (Ch), the High Court addressed an appeal from the County Court concerning inter alia the appropriate date for assessing damages in a cryptocurrency loan dispute. Initially, the County Court determined that the damages should be based on the cryptocurrency's fiat value at the breach date. Due to the volatility of the cryptocurrency, this decision would have resulted in significantly lower fiat damages award than if the valuation were based on a later date. The High Court allowed the valuation date part of the appeal, directing a further hearing to establish the appropriate date.

Perspective - Blog

Summary judgment against persons unknown – a tale of two crypto judgments

Published on 09 May 2024. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

Two recent crypto judgements in the High Court, Mooij v Persons Unknown (February 2024) and Boonyaem v Persons Unknown (December 2023) reached different conclusions regarding whether a summary judgment could be granted against unidentified (and unidentifiable) fraudsters, with Mooji deciding 'yes' and Boonyaem deciding 'no'.

Perspective - Blog

Supreme Court confirms no knowing receipt claim where equitable interest is destroyed: Byers v Saudi National Bank

Published on 17 Apr 2024. By Jake Hardy, Partner and Ana Margetts, Associate

In Byers v Saudi National Bank, the Supreme Court affirmed the findings of the lower courts by holding that a claim for knowing receipt cannot be made if a claimant’s equitable interest in the property in question has been extinguished by the time of the defendant’s knowing receipt of the property.

Perspective - Blog

Merchants Beat Venice: Court of Appeal finds that local authority of Venice did have capacity to enter into Interest Rate Swaps

Published on 19 Mar 2024. By Simon Hart, Partner, Head of Banking & Financial Markets Disputes

In a significant judgment in Banca Intesa Sanpaolo and Dexia Credit Local SA v Comune di Venezia [2023] EWCA Civ 1482, the Court of Appeal overturned the findings of the High Court

Perspective - Blog

Binance successfully challenges interim proprietary injunction over deposited cryptoassets

Published on 24 May 2023. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

In Piroozzadeh v Persons Unknown and Others [2023] EWHC 1024 (Ch), the cryptocurrency exchange Binance successfully applied to discharge an interim proprietary injunction obtained by a claimant whose misappropriated cryptoassets had been deposited at the exchange. This is the first recorded case of an exchange successfully having discharged such an injunction.

Perspective - Blog

High Court favours English jurisdiction in bribery claim brought by Kuwaiti pension fund

Published on 28 Feb 2023. By Louise McCarthy, Associate

The High Court recently rejected an application, brought by two defendants to an alleged bribery claim advanced by a Kuwaiti pension fund, that the claim should be heard before the Swiss courts, holding that England was the proper jurisdiction both in order to avoid the risk of fragmentation of proceedings, and in view of the close connection of the claim to England.

Perspective - Blog

Considering bringing an RFI application? Is it strictly necessary?

Published on 31 Jan 2023. By Parham Kouchikali, Partner

Andrew Ayres KC and Andrew Dinsmore (Twenty Essex), instructed by Parham Kouchikali and Suzie Kurdi of this firm, successfully resisted a Request for Further Information (RFI) in the High Court.

Perspective - Blog

Court of Appeal rejects timing and informed consent defences in bond bribery case

Published on 30 Jan 2023.

In a recent decision, the Court of Appeal decided in Trafalgar Multi Asset Trading Company Limited (in liquidation) v James David Hadley and others that pleaded defences to a bribery claim were so fanciful as to entitle the claimant to summary judgment.

Perspective - Blog

High Court rejects Group Litigation Order in FSMA litigation as it would not further the Overriding Objective

Published on 30 Jan 2023. By Charlotte Henschen (née Ducker), Partner and Alastair Hall, Associate

In a recent decision in Edward Moon & Ors v Link Fund Solutions, Mr Justice Trower dismissed an application by two groups of claimants, declining to make the Group Litigation Order (GLO) sought.

Perspective - Blog

No loss? No Quincecare claim … the Supreme Court judgment in Stanford International Bank v HSBC

Published on 12 Jan 2023. By Jonathan Cary, Partner and Olivia Dhein, Knowledge Lawyer

The Supreme Court has handed down its judgment in Stanford International Bank Ltd v HSBC Bank plc, deciding that there was no pecuniary loss suffered by the Claimant and therefore no basis for a Quincecare claim.

Perspective - Blog

No need for perfection: ISDA Master Agreement default notice still valid where some errors made

Published on 10 Jan 2023. By Daniel Hemming, Partner and Olivia Dhein, Knowledge Lawyer

The High Court has decided that a default notice under an ISDA Master Agreement is still valid even if it does not contain wholly accurate statements of the amount of the payment not made, the confirmation of the trade, or the currency of the payment.

Perspective - Publication

Banking and financial litigation markets update - Summer 2022

Published on 25 Jul 2022. By Jonathan Cary, Partner and Jessica Davies, Associate and Olivia Dhein, Knowledge Lawyer and Jake Hardy, Partner and Simon Hart, Partner, Head of Banking & Financial Markets Disputes and Charlotte Henschen (née Ducker), Partner and Tom Hibbert, Partner, Global Head of Commercial Disputes and Tim Potts, Senior Associate and Chris Ross, Partner and Emily Saffer, Associate and Christopher Wheatley , Senior Associate and Alan Williams, Partner

In this overview we look at some of the most important judgments in recent months in the area of banking and financial markets litigation.

Perspective - Publication

All is not (necessarily) lost: Crypto crime recovery

Published on 30 Jun 2022. By Adam Craggs, Partner

With over 2 million people in the UK now holding and using cryptocurrency, and the Chancellor announcing that a government backed non-fungible token ("NFT") is to be issued by the Royal Mint this summer, the market for crypto-assets is expected to continue to grow in the coming months and years; so much so that legislation is planned to implement a new regulatory regime for the crypto market.

Perspective - Blog

UK Government wants understanding of video games to move to the next level

Published on 12 Jun 2023. By Gowri Chandrashekar, Senior Associate and Zoe Harvey, Associate

On 30 May 2023, the UK Government published a Video Games Research Framework which encourages research on video games and emerging game-related technologies.

Perspective - Blog

New Digital Regulators on the 2023 Horizon: the Digital Markets Unit and the European Centre for Algorithmic Transparency

Published on 02 Dec 2022. By David Cran, Partner, Head of IP & Tech and Chris Ross, Partner and Leonia Chesterfield, Of Counsel

For a number of years, the UK Government has been laying the groundwork to bring in a digital markets regime to regulate digital firms designated as having ‘strategic market status’ (SMS). To be designated as having SMS, a firm must have 'substantial and entrenched market power' in at least one activity. Companies having SMS are likely to include the largest tech firms such as Amazon, Apple, Google, Microsoft and Meta (the so called 'GAMMA' firms).

Perspective - Blog

Digital services providers—Commission to focus on implementation phase of EU consumer protection legislation

Published on 31 Oct 2022. By David Cran, Partner, Head of IP & Tech and Leonia Chesterfield, Of Counsel and Ellie Chakarto, Associate

The Digital Services Act (DSA) and the Digital Markets Act (DMA) are published in the Official Journal and the plenary vote of the European Parliament on the proposed text of the AI Act is expected once amendments are agreed by negotiators. The Commission is now turning its focus to the implementation phase of these landmark regimes. So, what does the future hold for the European tech sector and how might it differ for the UK?

Perspective - Blog

The EU Digital Markets Act - a focus on gatekeeper obligations and sanctions

Published on 12 Oct 2022. By David Cran, Partner, Head of IP & Tech and Leonia Chesterfield, Of Counsel and Joshy Thomas, Knowledge Lawyer

What key obligations will the Digital Markets Act (DMA) impose on online platforms designated as gatekeepers?