Search results

Perspective - Blog

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.

Perspective - Blog

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.

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 - Blog

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.

Perspective - Blog

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.

Perspective - Blog

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.

Perspective - Blog

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").

Perspective - Blog

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.

Perspective - Blog

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.

Perspective - Blog

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.

Perspective - Blog

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.

Perspective - Blog

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."

Perspective - Blog

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.

Perspective - Blog

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.

Perspective - Blog

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").

Perspective - Blog

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.

Perspective - Blog

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.

Perspective - Blog

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.

Perspective - Blog

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?

Perspective - Blog

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.

Perspective - Publication

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.

Perspective - Blog

EBA encourages banks to pool their resources for cloud audits

Published on 02 Jun 2017.

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.

Profile

Jessica Davies

Perspective - Blog

Thaler v Comptroller [2023] UKSC 49: the UKSC rules that AI cannot be an 'inventor'

Published on 10 Jan 2024. By Matthew Jones, Partner

To the surprise of no one, the UK Supreme Court (UKSC) has finally ruled that an artificial intelligence (AI) cannot be an inventor for the purposes of UK patent law. This judgment accords with the decisions of the lower courts in the UK and the initial ruling of the UKIPO. It also reflects similar findings from most of courts around the world where the claimant, Dr Thaler, brought similar actions.

Press and Media

Thaler v Comptroller [2023] UKSC 49: the UKSC rules that AI cannot be an 'inventor'

Published on 10 Jan 2024. By Matthew Jones, Partner

To the surprise of no one, the UK Supreme Court (UKSC) has finally ruled that an artificial intelligence (AI) cannot be an inventor for the purposes of UK patent law. This judgment accords with the decisions of the lower courts in the UK and the initial ruling of the UKIPO. It also reflects similar findings from most of courts around the world where the claimant, Dr Thaler, brought similar actions.

Perspective - Blog

EU AI ACT-ion stations

Published on 29 Sep 2023. By Helen Armstrong, Partner and Charles Buckworth, Partner

The EU is forging ahead with its vision for AI. With wrapping up talks on the EU AI Act between the EU governments, the Commission and the parliamentary negotiators imminent, we bring you up to date on the EU's risk based approach, the scope of the Act, a timeline, key points that will form the basis of the discussions and next steps.

Perspective - Blog

What To Know About AI Fraudsters Before Facing Disputes

Published on 29 Aug 2023. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

Fraudsters are quick to weaponise new technological developments and artificial intelligence is proving no exception, with AI-assisted scams increasingly being reported in the news, including most recently one using a likeness of a BBC broadcaster.

Perspective - Podcast

AI and ChatGPT in Law firms

Published on 04 Aug 2023.

First published by 39 Essex Chambers, in this episode Patrick Brodie, Head of Employment, Engagement and Equality at law firm, RPC, discusses with Katherine Apps KC the issues raised by the use of large language models (LLMs) such as ChatGPT in a law firm environment.

Perspective - Podcast

Unlocking Generative AI’s Potential: Ethics, Creativity, and Impact

Published on 29 Jun 2023.

What if you could unlock the full potential of Generative AI and its impact on your life and company?

Perspective - Blog

Generative AI and intellectual property rights—the UK government's position

Published on 03 May 2023. By Helen Armstrong, Partner and Jani Ihalainen, Associate and Joshy Thomas, Knowledge Lawyer

The IPO is to produce a code of practice by the summer that will provide guidance to support AI firms in accessing copyright protected works as an input to their models.

Perspective - Publication

Sports Ticker (27 April 2023) – PL gambling sponsor ban, WWE x UFC merger and Schumacher's AI interview – a speed-read of commercial updates from the sports world

Published on 28 Apr 2023. By Jeremy Drew, Partner, Head of Commercial and Joshua Charalambous, Partner and Samuel Coppard, Senior Associate and Joseph Akwaboa, Associate

In a fortnight which saw Corach Rambler win the Grand National, the UK & Ireland submit its bid to host the UEFA Euro 2028 men's tournament, and 48,000 runners take to the streets for the London Marathon, we bring you updates on Spotify's new integration with Strava and Team GB's collaboration with Birds Eye. We also feature stories on a controversial AI-generated interview with Michael Schumacher and our own Kate O'Malley's sub-three hour marathon success.

Perspective - Blog

Understanding and managing the risks in artificial intelligence (AI) technology projects

Published on 12 Apr 2023. By Helen Armstrong, Partner and Ricky Cella, Senior Associate and Joshy Thomas, Knowledge Lawyer

How do you go about managing the risks and challenges that might arise during the deployment of AI technology?

Press and Media

RPC reacts to UK Government White Paper on AI

Published on 30 Mar 2023. By Jon Bartley, Partner and Ciara Cullen, Partner and Richard Breavington, Partner and Kelly Thomson, Partner, ESG strategy lead and Helen Armstrong, Partner and Patrick Brodie, Partner and Mamata Dutta, Partner

RPC reacts to UK Government White Paper on AI

Perspective - Snapshot

ICO publishes guidance on AI decision making

Published on 02 Nov 2020. By Oliver Bray, Senior Partner

How can companies comply with data regulation when using AI to make decisions affecting individuals?

Perspective - Blog

Need a psychiatrist? There's an app for that!

Published on 18 Jun 2024. By Emma Kislingbury, Senior Associate

The Medicines and Healthcare products Regulatory Agency (MHRA) and the National Institute for Health and Care Excellence (NICE) have commissioned research to explore the public perception of Digital Mental Health Technology (DMHT).

Perspective - Blog

The UK and EU propose bans on 'forever chemicals' (PFAs) – Great for the environment but what about the medical industry?

Published on 14 Mar 2024. By Victoria Lawman, Trainee Solicitor

'Forever chemicals', which are used in countless industries worldwide, have been linked to a range of health issues.

Perspective - Blog

The results are in: Physician and Anaesthetic Associates pose "a significant risk to patient safety" according to latest BMA opinion poll

Published on 12 Mar 2024. By Alice Lacey, Associate

A BMA survey completed by over 18,000 UK doctors has flagged significant concerns regarding the way Physician Associates (PAs) and Anaesthetic Associates (AAs) work within the NHS. The news comes as the Government implements plans to roll out a rapid medical associate recruitment plan and regulate associates through the General Medical Council (GMC), the doctors' regulator. In this blog we look at the reasons behind the backlash and how this may impact our healthcare and insurer clients.

Perspective - Blog

Weighing up the risks: Remote GP consultations

Published on 02 Feb 2024. By Shireen Hussain, Paralegal

Telephone and online GP appointments risk harming patients, according to a study published by the British Medical Journal (BMJ) in November 2023. The study found that remote consultations have been linked to an increase in fatalities due to serious health conditions, that would likely have been picked up at face-to-face appointments.

Perspective - Blog

Weight loss jabs – a litigation time bomb

Published on 15 Jan 2024. By Victoria Lawman, Trainee Solicitor

Weight loss jabs like Ozempic are giving rise to new health concerns. Litigation is emerging in the US with firms claiming that cases will be in the thousands.

Perspective - Blog

Cutting the red tape: MHRA publish new guiding principles for AI-based medical devices

Published on 22 Nov 2023. By Victoria Lawman, Trainee Solicitor

Developers of AI-based medical devices will benefit from the MHRA's new guiding principles which aim to reduce onerous regulatory requirements.

Perspective - Blog

Mental Health Act v Mental Capacity Act: How to avoid a deprivation of liberty claim

Published on 03 Oct 2023. By Genevieve Isherwood, Senior Associate and Emily Snow, Trainee Solicitor

A finding that the detention of a teenager ('JS') with complex mental health issues was unlawfully deprived of her liberty highlights the importance of understanding the interaction between the Mental Capacity Act 2005 (MCA) and Mental Health Act 1983 (MHA).

Perspective - Blog

McCulloch and Others v Forth Valley Health Board [2023]: Bolam is back in the game for consent

Published on 18 Aug 2023. By James Davies, Senior Associate and Emily Snow, Trainee Solicitor

Bolam is well and truly back in the game for consent! The Supreme Court’s decision in McCulloch confirms that the Bolam test should be applied when considering whether alternative treatment options should be discussed with a patient.

Perspective - Blog

General Damages Uplift: Beware

Published on 11 Jul 2023. By Genevieve Isherwood, Senior Associate

A recent decision in Coventry Combined County Court will have far -reaching impact on the valuation of all personal injury claims. The decision of Recorder Jack gives the green light for Claimants to seek higher general damages awards. In clinical negligence claims, where general damages can already be as high as £400,000, this will have significant implications for Defendants and their insurers.

Perspective - Blog

NMC concerns over potentially fraudulent nurse registrations

Published on 28 Jun 2023. By Shireen Hussain, Paralegal

The Nursing and Midwifery Council (NMC) is contacting more than 500 professionals who trained abroad to determine whether they could have gained fraudulent or incorrect entry to the register after unusual and concerning data emerged from one its testing sites.

Perspective - Blog

Met police withdraw: a radical restructuring of mental health provision

Published on 14 Jun 2023. By Genevieve Isherwood, Senior Associate

Metropolitan police officers to be banned from responding to mental health incidents from 31 August 2023.

Perspective - Blog

QOCS rule changes now in force – has the imbalance been restored?

Published on 16 May 2023. By Georgie Jenkin, Associate

A review of the amendments to the QOCS regime and the impact on costs recovery for defendants and insurers.

Perspective - Blog

The Pharmacist will see you now: Independent Prescribing

Published on 20 Mar 2023. By Alice Lacey, Associate and James Davies, Senior Associate

Pharmacist independent prescribing services will be trialled across England in 2023 – a possible game changer for our healthcare system and one to watch for insurers.

Perspective - Blog

'A google map of the body' – how the metaverse is transforming the healthcare industry

Published on 27 Feb 2023. By Ellie McCarthy, Associate

Twins Bernardo and Arthur Lima were born conjoined at the head in Rio de Janeiro, Brazil. At almost four years old, they have undergone seven extensive surgeries in order to be separated. The operations involved almost 100 medical staff and were led by surgeon Dr Noor ul Owase Jeelani in at Great Ormond Street Hospital in London and Dr Gabriel Mufarrej in Brazil.

Perspective - Blog

Weighty issues for diet app developers

Published on 04 Jan 2022. By Dorothy Flower, Partner

2022 is set to be the year of the diet app. The distinction between what is a mere lifestyle app and what should in fact be a regulated medical product or service can be difficult to assess.

Perspective - Blog

New guidance on Machine Learning – plenty for humans to learn too

Published on 04 Nov 2021.

A triumvirate of healthcare regulators has published ten guiding principles (the Principles) concerning the development of Good Machine Learning Practice (GMLP). The Principles shed light on the risks posed by artificial intelligence (AI) products that depend on machine learning. Humans should take note.