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The European Investment Bank

Published on 27 Oct 2021.

In this episode, Dominik Adamski, Head of the Fraud Detection Unit, and Mirela Lascu, a member of the Inspectorate General, at the European Investment Bank join Robert Waterson and Alice Kemp to discuss how this giant of international finance is fighting against the cancer of corruption in its mission to back the European Green Deal and make Europe carbon-neutral.

The Nordic Investment Bank

Published on 27 Oct 2021.

In this episode, Mark Butler, Chief Compliance Officer at the Nordic Investment Bank, joins Alice Kemp and Alex Haines, Barrister at Outer Temple Chambers, to discuss how this giant of international finance is fighting against the cancer of corruption in its mission to finance projects that improve productivity and benefit the environment of the Nordic and Baltic countries.

New developments in AI may put law firms at greater risk of phishing fraud

Published on 28 Apr 2023. By Will Sefton, Partner and Head of Professional and Financial Risks

As the computing power of Artificial Intelligence continues to grow exponentially, we consider how generative technology may expand the reach of traditional phishing frauds aimed at law firms.

Silicon Valley, Signature and Credit Suisse: what do they all share(holder) in common?

Published on 28 Mar 2023. By James Wickes, Partner and Oliver Knox, Partner and Jessica Pease, Associate

In what has been termed "the biggest banking crisis since 2008", both Silicon Valley Bank (SVB) and Signature Bank have collapsed, and Credit Suisse has been rescued. Whether more banks are to follow suit is yet to be seen.

UK tech cases warn of liability clause drafting pitfalls

Published on 21 Sep 2023. By Helen Armstrong, Partner

Excluding and limiting liability is a vital part of any commercial contract. The irony, though, is that despite its importance, almost any exclusion or limitation of liability — if pored over to the nth degree — will have some ambiguity in the face of complex and often unforeseen consequences of breach.

Thirty minutes in Decentraland: A metaverse adventure

Published on 14 Jun 2023. By Christopher Whitehouse, Senior Associate and Becky Baker , Associate

Decentraland is one of the best known 'metaverses' that currently exist. It is a giant virtual world where users can create 'avatars' (a digital representation of yourself) and interact with one another. Users can also buy and develop virtual land, the mechanics of which involve purchasing an NFT (non-fungible token) connected with the relevant land plot. Users can then develop their land and build unique 3D environments.

Construction disciplinary trends analysis #3: fraud and dishonesty

Published on 12 Aug 2024. By Ben Goodier, Partner and Emma Wherry, Senior Associate and Aimee Talbot, Knowledge Lawyer

This article is the third instalment in our mini-series analysing trends in disciplinary decisions involving construction professionals, with insight from our specialist disciplinary team.

Unpacking the Building Safety Act's industry overhaul

Published on 06 Mar 2024. By Zoe Eastell, Partner and Zack Gould-Wilson, Senior Associate

On June 28, 2022, the Building Safety Act 2022 received royal assent, bringing about the biggest change to building safety in 40 years.

Construction disciplinary trends analysis #2: engagement letters – worth more than the paper they're written on!

Published on 21 Feb 2024. By Ben Goodier, Partner and Emma Wherry, Senior Associate and Aimee Talbot, Knowledge Lawyer

This article is the second in our mini-series analysing trends in disciplinary decisions involving construction professionals, with insight from our specialist disciplinary team.

Construction disciplinary trends analysis #1: continuing professional development

Published on 16 Oct 2023. By Ben Goodier, Partner and Emma Wherry, Senior Associate and Aimee Talbot, Knowledge Lawyer

This article is the first in our mini-series analysing trends in disciplinary decisions involving construction professionals, with insight from our specialist disciplinary team.

The El Niño year and impact on subsidence claims

Published on 13 Jul 2023. By Andrew Roper, Partner and Aimee Talbot, Knowledge Lawyer

Insurers should be bracing for a wave of subsidence claims arising from the increasingly warm weather. The UN’s World Meteorological Organization (WMO) has declared that an El Niño climate event is in progress, which helps explain why June 2023 was the hottest on record in the UK.

Building on renewable energy #3 – Anaerobic Digestion

Published on 24 Sep 2020.

Anaerobic digestion is the process by which biodegradable materials are broken down in a controlled environment. Whilst being broken down, the materials emit gas (which can be used as a source of renewable energy), and produce heat (which can also be harnessed on or near-to site). The process also leaves a waste material (digestate), which can be used as fertiliser, contributing to the circular economy.

What 6 key challenges will insurers face in 2024?

Published on 11 Jan 2024. By Simon Laird, Global Head of Insurance

Climate change, Artificial Intelligence and ESG top this year's predictions in latest edition of Annual insurance review from international law firm RPC

Procedure damages & costs

Published on 11 Jan 2024.

In this chapter of our Annual Insurance Review 2024, we look at the main developments in 2023 and expected issues in 2024 for Procedure damages & costs.

Product liability

Published on 11 Jan 2024.

In this chapter of our Annual Insurance Review 2024, we look at the main developments in 2023 and expected issues in 2024 for Product liability.

Annual Insurance Review 2023

Published on 12 Jan 2023. By Simon Laird, Global Head of Insurance

Hello and welcome to RPC's Annual Insurance Review – a look back at the events that shaped the insurance market in 2022 and a look forward towards what to expect in 2023.

What are the 8 key concerns insurers will face in 2023?

Published on 12 Jan 2023. By Simon Laird, Global Head of Insurance

Annual Insurance Review from international law firm RPC identifies ESG risks, climate change and cyber-attacks as top challenges.

FIG – The inclusive insurance network

Rise with RPC

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

High Court permits enforcement of foreign judgment in crypto recovery case

Published on 22 Jul 2024. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

Tai Mo Shan Ltd v. Persons Unknown [2024] EWHC 1514 (Comm)

Court of Appeal finds that Bitcoin's developers may owe fiduciary duties to bitcoin owners

Published on 08 Feb 2023. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

In a highly anticipated judgment, the Court of Appeal has handed down its decision in Tulip Trading Limited v van der Laan and others [2023] EWCA Civ 83, allowing the claimant's appeal. The court found that the developers looking after Bitcoin arguably owed fiduciary duties in tort to an owner of bitcoin, and whether such a duty did arise in the specific proceedings would depend on the facts established at trial.

Legal claims against banks expected following collapse in Sterling

Published on 06 Dec 2022.

Legal disputes between banks and their business customers are expected following the collapse in the value of sterling against the U.S. Dollar and the volatility of other currencies, says international law firm RPC.

Litigation risk arising from recent LDI related disruption in the UK gilt market

Published on 18 Oct 2022. By Simon Hart, Partner, Head of Banking & Financial Markets Disputes and Daniel Hemming, Partner and Charlotte Henschen (née Ducker), Partner and Tim Potts, Senior Associate

In this bulletin, we examine the role of Liability Driven Investment (LDI) in the widely publicised disruption experienced in the UK gilts market in recent weeks and consider the disputes which might result.

Competing subordinated debts – the lessons learnt from Lehmans' insolvency

Published on 08 Jul 2022. By Jake Hardy, Partner

Some 13 years ago, Lehman Brothers' sudden and unexpected insolvency sent ripples across the banking and financial services market, some of which are still felt today. The Court of Appeal's decision in the consolidated cases of Lehman Brothers Holdings Scottish LP 3 v Lehman Brothers Holdings plc (in administration) and others [2021] EWCA Civ 1523 was the latest in a long line of cases seeking to unwind the issues arising from Lehman Brothers' unexpected collapse.

High Court decides that reviving proceedings automatically stayed under CPR 15.11 requires relief from sanctions

Published on 29 Jun 2022. By Daniel Hemming, Partner and Tim Potts, Senior Associate

In a recent judgment, the English Commercial Court in Bank of America Europe DAC v CITTA Metropolitana Di Milano has provided guidance on the "automatic stay" provisions of CPR 15.11 and the circumstances in which parties can revive dormant proceedings subject to such an automatic stay.

APP fraud: Commercial Court considers approach to unjust enrichment and knowing receipt claims

Published on 15 Jun 2022. By Jonathan Cary, Partner

The recent Commercial Court decision of Tecnimont Arabia Limited v National Westminster Bank PLC(1) considered the court's approach to a claim for unjust enrichment against a recipient bank in an authorised push payment (APP) fraud context. In particular, the Court examined whether the enrichment can be said to be at the 'expense' of the claimant, what factors amount to enrichment being 'unjust' and when the defence of 'change of position' is available. In relation to knowing receipt, the court considered the question of when property is 'trust property' for the purposes of the cause of action.

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

Published on 23 May 2022. By 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").

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, Partner, Global Head of Commercial Disputes and Jonathan Cary, Partner and Alan Williams, Partner and Jake Hardy, Partner and Chris Ross, Partner and Olivia Dhein, Knowledge 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.

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, Head of Banking & Financial Markets Disputes and Christopher Wheatley , Senior Associate and Olivia Dhein, Knowledge 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.

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

Published on 21 Apr 2022. By Jonathan Cary, Partner and Olivia Dhein, Knowledge 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.

Court of Appeal draws distinction between claims for recovery of tax and restitution for tax paid out fraudulently

Published on 07 Apr 2022. By Alan Williams, Partner

In Skatteforvaltningen v Solo Capital Partners,(1) the Court of Appeal investigated in detail the operation of rule 3(1) of Dicey, Morris & Collins on the Conflict of Laws (edition 15) (Dicey rule 3), which provides that English courts do not have jurisdiction over actions for "the enforcement, either directly or indirectly, of a penal, revenue, or other public law of a foreign State". The Court decided that the Danish tax authority's claim did not fall within Dicey rule 3 as it concerned the restitution of monies misappropriated by fraud rather than enforcement of tax.

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

Published on 10 Mar 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."

ESG claims in the banking and financial markets Sector: will "greenwashing" claims soon be common in the UK?

Published on 14 Feb 2022. By Chris Ross, Partner

Environmental, Social and Governance "ESG" funds are an attractive avenue for investors seeking responsible investment choices.

No knowing receipt claim where equitable interest is destroyed: Byers v Saudi National Bank

Published on 03 Feb 2022. By Emily Saffer, Associate and Simon Hart, Partner, Head of Banking & Financial Markets Disputes

The Court of Appeal has held that a claim in knowing receipt will fail if, at the moment of receipt, the beneficiary’s equitable proprietary interest is destroyed or overridden so that the recipient holds the property as beneficial owner.

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

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

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").

High Court dismisses application for extension of limitation period on basis of fraud at summary judgment stage

Published on 20 Jan 2022. By Jake Hardy, Partner and Christopher Wheatley , Senior Associate

In Libyan Investment Authority v Credit Suisse International & Ors ([2021] EWHC 2684 (Comm), the Commercial Court granted summary judgment dismissing the Libyan Investment Authority's (LIA's) claims against Credit Suisse International (Credit Suisse) and others on the grounds that they were time-barred.

Limitation Act 1980 s.32(1): whether a claimant could have discovered fraud with "reasonable diligence" extends to events prior to accrual of the cause of action

Published on 06 Jan 2022. By Jonathan Cary, Partner

The High Court found that, when considering the postponement of the limitation period for the purposes of Section 32(1) of the Limitation Act 1980, the question of whether the claimant could have discovered the fraud with "reasonable diligence" extends to the period before the claimant suffered a loss.

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

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

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.

A matter of interpretation – the Supreme Court look at contractual interpretation once more

Published on 24 Feb 2023. By Poppy Hay, Associate and Laura Stocks, Partner

In their recent Judgment in Sara & Hossein Asset Holdings Ltd (a company incorporated in the British Virgin Islands) v Blacks Outdoor Retails Ltd [2023] UKSC 2 the Supreme Court adopted a commercially balanced interpretation of a lease; rejecting the overly textual approach of the Court of Appeal in favour of reading the relevant clause in the context of the lease as a whole.

No bouncing back for directors

Published on 20 May 2024. By James Wickes, Partner and Adam Craggs, Partner and Catherine Zakarias-Welch, Knowledge Lawyer

Banned! Fraudsters! – Terms used by the Insolvency Service for directors who abused the government backed loan scheme which was put in place to help businesses struggling during the pandemic.

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.

AI in auditing: Embracing a new age for the profession

Published on 08 Jul 2024. By Ash Daniells, Senior Associate

Artificial Intelligence (AI) is a rather new concept for many (ignoring those versed in 80’s Sci-Fi movies); it’s something many don’t know much about and certainly don’t use in our day-to-day lives (or at least appreciate we are using). However, that’s not the case for everyone. Auditors have long been reaping the benefits of AI, but are auditors just scratching the surface of what AI can offer and what impact will an increased use have on their insurance requirements and claims they face?

RPC @ London Tech Week 2024

12 Jun 2024

We are delighted to announce that we will once again be hosting several in-person official fringe events around London Tech Week in June 2024.

Digital Markets, Competition and Consumers Act becomes law

Published on 04 Jun 2024. By David Cran, Partner, Head of IP & Tech and Chris Ross, Partner and Melanie Musgrave, Of Counsel

Following the announcement of a date for the general election, the Digital Markets, Competition and Consumers Act (DMCC) rapidly sped through the final stages of parliamentary processes to become law on 24 May 2024

Parliamentary 'wash up' – which Bills made it through?

Published on 31 May 2024. By Paul Joukador, Partner and Praveeta Thayalan, Knowledge Lawyer and Shahil Goodka, Trainee Solicitor

On 22 May 2024, Prime Minister Rishi Sunak announced that a General Election will take place on 4 July 2024. Parliament was then prorogued on 24 May 2024 which allowed a mere 2 days for 'wash up' - the process by which outstanding bills may be rushed through the parliamentary process.

New Development: National Cyber Security Centre warns AI is likely to heighten global ransomware threat

Published on 17 Apr 2024. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

The National Cyber Security Centre (NCSC), part of GCQH, has published a report on the “near-term impact of AI on the cyber threat” over the next two years, which concludes that: (i) AI is already being used in cyber activity in a malicious way; and (ii) the volume of cyber attacks and the global ransomware threat are likely to be heightened over the next two years.

UK Supreme Court rejects AI as “inventor” under the Patents Act

Published on 17 Apr 2024. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

What is the scope and meaning of “inventor” in the UK’s patent framework, and will it accept an AI machine as being the sole inventor?

Court of Appeal holds Samsung liable for trade mark infringement by third-party apps

Published on 17 Apr 2024. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

Can online platforms be liable for trademark infringement by third-party apps?