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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 moreCourt of Appeal strikes out defences that funds' losses resulting from FX manipulation have been passed on to investors following redemption
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.
Read moreCourt of Appeal holds that Quincecare duty can arise in principle where customer gives instructions in authorised push payment fraud
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.
Read moreCourt of Appeal draws distinction between claims for recovery of tax and restitution for tax paid out fraudulently
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.
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 moreESG claims in the banking and financial markets Sector: will "greenwashing" claims soon be common in the UK?
Environmental, Social and Governance "ESG" funds are an attractive avenue for investors seeking responsible investment choices.
Read moreNo knowing receipt claim where equitable interest is destroyed: Byers v Saudi National Bank
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.
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 moreHigh Court dismisses application for extension of limitation period on basis of fraud at summary judgment stage
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.
Read moreLimitation 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
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.
Read moreUpdated P.R.I.M.E. Finance Arbitration Rules launched for 2022
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.
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 moreDisputes Yearbook 2021: Financial disputes
As part of the acclaimed Disputes Yearbook, Legal Business interviewed members of our disputes team exploring the litigation landscape and what RPC brings to the table.
Read moreEBA encourages banks to pool their resources for cloud audits
The EBA has set out that banks are no longer required to provide their auditors (or themselves) with an independent right to audit their cloud service providers.
Read moreMyth busting and moving the dial in DEI
This article is a summary of a session delivered by Kelly Thomson (Partner, Employment, Engagement & Equality and ESG Strategy Lead at RPC) and Rachel Pears (Head of Responsible Business at RPC), at the second Annual D&I Conference, in partnership with the British Retail Consortium (BRC). During this particular session, common myths and misconceptions surrounding Diversity, Equity and Inclusion (DEI) were discussed and different sides of various issues were dissected, drawing out the nuances of seemingly polarised positional statements. Below, we address a handful of these myths, offering a balanced perspective on the complexities of DEI and exploring how to drive meaningful progress in our organisations.
Read moreThe Work Couch: Bonus Live episode: Exploring the cost of untapped talent, with Tskenya-Sarah Frazer, Trevor Sterling and Mark Ash
Welcome to The Work Couch, the podcast where we discuss all things employment.
Read moreSupporting and retaining Gen Z talent (Part 2): Work-life balance, communication and wellbeing, with Rose Sellman-Leava and Laura Verrecchia
Welcome to The Work Couch, the podcast series where we explore how your business can navigate today's tricky people challenges and respond to key developments in the ever-evolving world of employment law.
Read moreEmployer lessons from teacher's menopause bias win
On May 31, a Scottish employment tribunal made its decision in Allison Shearer v. South Lanarkshire Council and awarded a teacher over £60,000 ($77,829) for disability discrimination and unfair dismissal, following her dismissal for ill health after a period of long¬term sickness absence.
Read moreThe Work Couch: Supporting and retaining Gen Z talent (Part 1): Myths and opportunities, with Rose Sellman-Leava and Laura Verrecchia
Welcome to The Work Couch, the podcast series where we explore how your business can navigate today's tricky people challenges and respond to key developments in the ever-evolving world of employment law.
Read moreThe Work Couch: AI (Part 3): The role of emotional intelligence and AI's impact on wellbeing, with Jake Wall and Patrick Brodie
Welcome to The Work Couch, the podcast series where we explore how your business can navigate today's tricky people challenges and respond to key developments in the ever-evolving world of employment law.
Read moreThe Work Couch: AI (Part 2): Privacy, bias, and discrimination
Welcome to The Work Couch, the podcast series where we explore how your business can navigate today's tricky people challenges and respond to key developments in the ever-evolving world of employment law.
Read moreAI (Part 1): Impact on litigation, responsible use and the regulatory landscape
Welcome to The Work Couch, the podcast series where we explore how your business can navigate today's tricky people challenges and respond to key developments in the ever-evolving world of employment law.
Read moreThe Work Couch: Mental health at work (Part 4): Mental health first aid, with Simon Blake OBE
We are marking Mental health awareness week this month by devoting a four-part mini-series to mental health at work. In our concluding episode this week, Ellie is joined by Simon Blake OBE, Chief Executive at Mental Health First Aid England to explain the role of mental health first aid in the workplace.
Read moreThe Work Couch: Mental health at work (Part 3): Protecting your employees' digital wellbeing, with Alice Hendy MBE
We are marking Mental health awareness week this month by devoting a four-part mini-series to mental health at work. This week, in part 3, Ellie is joined by Alice Hendy MBE, CEO and founder of charity R;pple Suicide Prevention to explain how employers can protect their employees' digital wellbeing.
Read moreThe Work Couch: Mental health at work (Part 2): Implementing effective mental wellbeing measures, with Neil Laybourn
To mark Mental health awareness week this month, we are devoting a four-part mini-series to mental health at work. In part 2, Ellie is joined by the other key person from the incredible "Stranger on the bridge" story, Neil Laybourn, who on that fateful day in January 2008, stopped to talk to Jonny Benjamin, who was about to take his own life on Waterloo Bridge.
Read moreThe Work Couch: Mental health at work (Part 1): Turning despair into hope, with Jonny Benjamin MBE
Welcome to The Work Couch, the podcast series where we explore how your business can navigate today's tricky people challenges and respond to key developments in the ever-evolving world of employment law.
Read moreGovernment "crackdown" on "gagging clauses" is not new, but an important reminder
The use of confidentiality clauses and non-disclosure agreements (NDAs) by employers, whether as standalone agreements, or forming terms within employment contracts, settlement agreements, or COT3 agreements, has been subject to considerable scrutiny in the UK in recent years - despite existing professional obligations on UK regulated lawyers not to advance all-encompassing, unlimited NDAs.
Read moreThe Work Couch: Whistleblowing (Part 3): 5 key challenges for employers in 2024
Welcome to The Work Couch, the podcast series where we explore how your business can navigate today's tricky people challenges and respond to key developments in the ever-evolving world of employment law.
Read moreThe Work Couch - Addiction at work: Disciplinary or wellbeing issue?
Welcome to The Work Couch, the podcast series where we explore how your business can navigate today's tricky people challenges and respond to key developments in the ever-evolving world of employment law.
Read moreWhistleblowing (Part 2): How to approach whistleblowing complaints
In part 2 of our mini-series on whistleblowing, Ellie Gelder is joined by Sybille Raphael, legal director at whistleblowing charity Protect, to explain how employers can approach whistleblowing complaints proactively and effectively.
Read moreNavigating the impact of AI on work: challenges, opportunities, and the human touch
The fear of job losses because of technology and automation, including artificial intelligence, has been with us since the 1960s. For some time, academics have predicted the decline of routine, rules-based and process-driven roles.
Read moreThe Work Couch: Exploring the cost of untapped talent: Social mobility
Welcome to The Work Couch, the podcast series where we explore how your business can navigate today's tricky people challenges and respond to key developments in the ever-evolving world of employment law.
Read moreThe Work Couch: Social washing: Avoiding the pitfalls
Welcome to The Work Couch, the podcast series where we explore how your business can navigate today's tricky people challenges and respond to key developments in the ever-evolving world of employment law.
Read moreWhistleblowing (Part 1): A whistlestop tour of the law
Welcome to The Work Couch, the podcast series where we explore how your business can navigate today's tricky people challenges and respond to key developments in the ever-evolving world of employment law.
Read moreThe Work Couch: Trans inclusion at work: how to be a good ally
Welcome to The Work Couch, the podcast series where we explore how your business can navigate today's tricky people challenges and respond to key developments in the ever-evolving world of employment law.
Read moreThe Work Couch: What's on the horizon for employment law in 2024?
Welcome to The Work Couch, the podcast series where we explore how your business can navigate today's tricky people challenges and respond to key developments in the ever-evolving world of employment law.
Read moreThe Work Couch: 12 days of Christmas - A look back at 12 key employment law developments from 2023
Welcome to The Work Couch, the podcast series where we explore how your business can navigate today's tricky people challenges and respond to key developments in the ever-evolving world of employment law.
Read moreReforms to working time record-keeping, holiday pay and entitlement, and TUPE consultation
The government has issued its response to the consultation on reforms to retained EU employment law proposed earlier this year.
Read moreMenopause discrimination: Where are we now?
October heralded an important legal first when a Leicester employment tribunal began hearing the case of Rooney v Leicester City Council. It is the first case where a person's menopausal symptoms have been deemed by an appeal court to potentially amount to a disability for the purposes of the Equality Act 2010.
Read moreThe Work Couch: Pregnancy loss and work (Part 2): How to support your people effectively
Welcome to The Work Couch, the podcast series where we explore how your business can navigate today's tricky people challenges and respond to key developments in the ever-evolving world of employment law.
Read moreThe Work Couch: Performance issues in a redundancy situation
Welcome to our recently launched podcast, The Work Couch. In this series, we explore how your business can navigate today's tricky people challenges and respond to key developments in the ever-evolving world of employment law.
Read moreThe Work Couch: Bereavement at work
Welcome to The Work Couch, the podcast series where we explore how your business can navigate today's tricky people challenges and respond to key developments in the ever-evolving world of employment law.
Read moreAdjusting your recruitment process for a candidate with a disability: What is reasonable?
The Employment Appeal Tribunal (EAT) has held that a failure to make enquiries into a job applicant's disability amounted to a failure to make reasonable adjustments.
Read moreThe Work Couch: Reforms to employment rights for parents and carers: Where are we now?
Welcome to The Work Couch, the podcast series where we explore how your business can navigate today's tricky people challenges and respond to key developments in the ever-evolving world of employment law.
Read moreThe Work Couch: Fertility challenges and work (Part 2): How to support your people
Welcome to The Work Couch, the podcast series where we explore how your business can navigate today's tricky people challenges and respond to key developments in the ever-evolving world of employment law.
Read moreFertility challenges and work (Part 1): A partner's perspective
Welcome to The Work Couch, the podcast series where we explore how your business can navigate today's tricky people challenges and respond to key developments in the ever-evolving world of employment law.
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