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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.

Banking and Financial Litigation Markets Update - Spring 2023

Published on 06 Mar 2023. 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

This update is brought to you by RPC’s top tier banking and financial markets disputes practice in London, with specialists in all areas of financial markets litigation (and arbitration) and a wealth of expertise including frequent involvement in the most complex, high-value, and high-profile disputes in the sphere. Here, we take a look at some of the most important judgments in recent months.

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.

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.

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.

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.

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.

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.

Italian Local Authority succeeds in swap claim before the English Court

Published on 14 Nov 2022. By Daniel Hemming, Partner and Tim Potts, Senior Associate and Jessica Davies, Associate

In a significant judgment in Banca Intesa Sanpaolo SpA v Comune di Venezia [2022] EWHC 2586, the English Commercial Court has found that, as a consequence of the 2020 decision of the Italian Supreme Court in Banca Nazionale del Lavoro SpA v Comune di Cattolica (Cattolica), English law governed interest rate swaps entered into by the Municipality of Venice (Venice) were void for lack of capacity. Venice was therefore entitled to restitution for the amounts paid to the Banks under the interest rate swaps. However, the English Court also found that the Banks were in principle entitled to rely on a defence of change of position in respect of payments made under back-to-back swaps with other financial institutions which operates to reduce the sums recoverable by Venice.

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.

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

Published on 09 Dec 2021. By Jonathan Cary, Partner and Jonathan Wood, Partner, Chair of International Arbitration and Olivia Dhein, Knowledge Lawyer

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.

Summary judgment application does not amount to submission to English jurisdiction

Published on 09 Dec 2021. By Jake Hardy, Partner and Joe Cresswell, Senior Associate

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?

Disputes Yearbook 2021: Financial disputes

Published on 05 May 2021. By Simon Hart, Partner, Head of Banking & Financial Markets 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.

How will the "Genny lec" impact the world of cyber and tech?

Published on 24 Jun 2024. By Rachel Ford, Partner and Helen Monachan, Associate

On 22 May 2024, Prime Minister Rishi Sunak stood in the pouring rain to announce a General Election, thus commencing a summer of political and meteorological uncertainty for those in the UK.

Legislation Empowering the CMA's Digital Markets Unit Introduced into Parliament

Published on 05 May 2023. By David Cran, Partner, Head of IP & Tech and Chris Ross, Partner and Melanie Musgrave, Of Counsel and Leonia Chesterfield, Of Counsel

The long-anticipated Digital Markets, Competition and Consumers Bill (the Bill) has now begun its parliamentary journey following its introduction on 25 April 2023. Described as a "flagship bill" by the CEO of the Competition and Markets Authority (the CMA), the Bill not only introduces major landscape reforms to the UK's consumer protection regime and significant enhancements to the CMA's competition law powers, it also ushers in a new regime for digital markets. The Bill has the potential to be a "watershed moment" in how UK digital markets are regulated.

Ransoms and Sanctions and Fines (oh my!)

Published on 04 Sep 2023. By Richard Breavington, Partner and Helen Monachan, Associate

Ransomware attacks are happening all the time. Just the other month, the Cl0p ransomware gang claimed responsibility for the exploitation of a zero-day vulnerability in the MOVEit Transfer tool.

Ransoms and Sanctions and Fines (oh my!)

Published on 04 Sep 2023. By Richard Breavington, Partner and Helen Monachan, Associate

Ransomware attacks are happening all the time. Just the other month, the Cl0p ransomware gang claimed responsibility for the exploitation of a zero-day vulnerability in the MOVEit Transfer tool.

Coming to a bank near you? How "investment AI" could transform financial mis-selling claims

Published on 09 Nov 2023. By Daniel Hemming, Partner and Olivia Dhein, Knowledge Lawyer

Living under a rock is probably the only way anyone might have escaped the media attention given to ChatGPT and generative AI in recent months. Beyond the (considerable) hype, this technology could have a profound impact on financial mis-selling claims where financial institutions and fund managers turn to the new technology to help them select investments and products.

Government to cover negligence claims against GPs

Published on 17 Oct 2017. By Dorothy Flower, Partner

Government to cover negligence claims against GPs

Netflix files lawsuit over 'Unofficial Bridgerton Musical'

Published on 24 Aug 2022. By Ela Broderick-Basar, Associate

On 29 July, Netflix filed a lawsuit in the U.S. District Court in Washington D.C. against two TikTok stars, Abigail Barlow and Emily Bear, alleging that their Grammy-winning “The Unofficial Bridgerton Musical” project infringed the hit show's intellectual property rights.

Stream on! CMA halts plans to investigate music streaming market

Published on 02 Aug 2022.

The UK's Competition & Markets Authority recently published its interim report on the music streaming market, prompting mixed responses from the music industry. Record labels, publishers and streaming providers appear generally pleased with the findings, but various artists, musicians, songwriters and managers say they believe it has underdelivered.

Parliamentary Group urges UK government to help musicians and crew tour Europe more easily

Published on 21 Jul 2022.

The All-Parliamentary Group on Music (a cross-party group of more than 100 MPS and Peers) together with representatives from the music industry set out the urgent steps the Government needs to take to help UK musicians following Brexit.

A "golden age" of television? - Government announces overhaul of broadcasting legislation

Published on 29 Apr 2022. By Nadia Tymkiw, Senior Associate

On 28 April the government published a white paper setting out its vision for the broadcasting sector. Plans include regulation for streaming services, changes to the public service broadcasting regime, and reform to broadcasting rights for major sporting events.

Eurovision contestant and Rudimental come out on pop in copyright dispute

Published on 19 Aug 2021. By Jessica Pease, Associate

Coming out on pop: Rudimental's single Waiting All Night, composed by Eurovision 2021 contestant James Newman, was not the product of copying a song written in 2001 by a contestant on the Voice UK.

(Sex) Pistols at dawn over Danny Boyle's new biopic series

Published on 19 Jul 2021.

Sex Pistols band members accuse frontman John Lydon of being No Fun and creating Anarchy for refusing to authorise licences for the use of the band's music in Danny Boyle's forthcoming TV series, Pistol.

Who gets to deliver my news? - Ofcom starts its consultation on changes to media ownership restrictions

Published on 30 Jun 2021. By Kiran Dhoot, Associate

Ofcom is looking to update old rules governing media ownership in the UK to reflect consumers increased access to news online and the fragmented use of traditional media, and the implications of reform could be far reaching.

Streaming platforms to consolidate? "The stuff that dreams are made of"

Published on 10 Jun 2021.

Discovery and AT&T's WarnerMedia are merging to create a streaming behemoth named Warner Bros. Discovery, and Amazon is reportedly in talks to acquire Metro Goldwyn Mayer (MGM). Will this mark a trend in the consolidation of streaming platforms, and what are the implications?

Court of Appeal upholds copyright infringement decision against digital radio aggregator

Published on 12 Apr 2021. By David Cran, Partner, Head of IP & Tech

The Court of Appeal has refused TuneIn's appeal of a 2019 judgment finding that it had infringed the copyright of Warner and Sony by linking to online radio stations.

UK Courts find hidden voice in film authorship dispute

Published on 12 Feb 2021.

The Intellectual Property Enterprise Court (IPEC) has found that there was there was an additional joint author of the Florence Foster Jenkins screenplay – in a decision of significant relevance to the film industry.

Reproduction of infringing content online: who's liable?

Published on 21 Jul 2020. By Ciara Cullen, Partner and Louise Morgan, Senior Associate

Keyword advertising, search engine optimisation and liability for infringement via online marketplaces: In recent years, there has been a plethora of cases concerning the various ways that trade marks may be infringed, through use on the internet.

All change! No extension means major changes for IP rights holders from 1 January 2021

Published on 02 Jul 2020. By Ben Mark, Partner and Sarah Mountain, Partner

Under Article 132 of the Withdrawal Agreement, 30 June 2020 was the last day that the UK could have requested an extension to the Brexit transition period. The COVID-19 outbreak prompted many to speculate that a request would be made but the deadline passed, without event.

Nederlands Uitgeversverbond v Tom Kabinet Internet – a CJEU guide on how to play it by the book

Published on 11 Feb 2020.

Tom Kabinet (the Defendant) is a Dutch company which sells used e-books online (the Books). The Books are purchased by the Defendant, either from individuals or official distributors, and are then re-sold for a lower price to customers who are registered on the Defendant's website as members of a "reading club".

All that glitters is not "Gold"

Published on 09 Jan 2019. By Ciara Cullen, Partner

How does the court calculate what a reasonable license fee is, and what conduct will be sufficient for the court to award additional damages under section 92(2) of the Copyright, Designs and Patents Act 1998?

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.

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.

New Labour government – what is in store for the UK?

Published on 09 Jul 2024. By Rachael Healey, Partner

We have a new Labour Party government for the first time in 14 years. The new government has already made various announcements, with more set to follow in the coming days, and then we have the King’s Speech on 17 July, when the Labour Party will set out its opening legislative agenda – but what can we expect from the new government impacting services regulated by the Financial Conduct Authority, pensions and accountants?

Is the FCA to blame for BSPS? MPs seem to think so

Published on 22 Jul 2022. By Rachael Healey, Partner

The House of Commons Public Accounts Committee (PAC) yesterday published a report entitled "Investigation into the British Steel Pension Scheme". The report makes a number of recommendations in light of its investigations in to the FCA's conduct and regulatory oversight at the time of the issues arising from the British Steel Pension Scheme (BSPS) and in particular the decision by 7,834 members to transfer to a personal pension arrangement. The report is heavily critical of the FCA's handling of BSPS and its regulatory oversight of the defined benefit transfer market generally. Given the request in the report for an update from the FCA on its progress on the various recommendations and conclusions in 6 months' time, we wait to see how the FCA reacts to yet further criticism of its handling of BSPS at a time when it is reviewing responses to the consumer redress scheme consultation.

SIPPs and FOS - does the Rowanmoor decision change anything?

Published on 02 Feb 2022. By Rachael Healey, Partner

Last week FOS published a decision it reached last year in a complaint against a SIPP provider involving advised sales. The FOS upheld the complaint, finding that the SIPP provider should have rejected business from the regulated financial adviser, CIB Life and Pensions Limited (CIB), given, broadly, red flags available to the SIPP provider with respect to the operation of CIB's business model including that CIB was not advising on the ultimate investment within the SIPP and as a result such introductions involved a significant risk of consumer detriment. The decision has received quite a bit of press attention - but has it moved the dial for SIPP complaints before FOS or not?

The Future of Insolvency Regulation

Published on 04 Jan 2022. By Rachael Healey, Partner

On 21 December 2021 the Government launched a consultation into the future of insolvency regulation. The changes proposed in the consultation document will have a wide ranging impact on the insolvency profession (and its insurers) with the proposals including: the direct regulation of insolvency firms, the introduction of a single regulatory body with powers to order compensation against insolvency practitioners and firms, a new additional requirements regime, changes to the bond regime and a public register of insolvency practitioners and firms. Many of the changes proposed require primary legislation and so it may be some time before the changes to take effect (if adopted). But there does appear to be some wind behind these proposals given they follow on from the Call for Evidence in 2019 and a more general focus on insolvency issues in the wake of the Covid-19 pandemic.

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

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.

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.

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