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Crypto damages quantification: valuation at the date of breach or date of judgment?
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.
Read moreSummary judgment against persons unknown – a tale of two crypto judgments
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'.
Read moreSupreme Court confirms no knowing receipt claim where equitable interest is destroyed: Byers v Saudi National Bank
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.
Read moreMerchants Beat Venice: Court of Appeal finds that local authority of Venice did have capacity to enter into Interest Rate Swaps
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
Read moreBinance successfully challenges interim proprietary injunction over deposited cryptoassets
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.
Read moreHigh Court favours English jurisdiction in bribery claim brought by Kuwaiti pension fund
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.
Read moreConsidering bringing an RFI application? Is it strictly necessary?
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.
Read moreCourt of Appeal rejects timing and informed consent defences in bond bribery case
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.
Read moreHigh Court rejects Group Litigation Order in FSMA litigation as it would not further the Overriding Objective
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.
Read moreNo loss? No Quincecare claim … the Supreme Court judgment in Stanford International Bank v HSBC
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.
Read moreNo need for perfection: ISDA Master Agreement default notice still valid where some errors made
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.
Read moreThe November 2023 AI safety summit and the UK's direction of travel
The government has confirmed that the UK AI safety summit will be held at Bletchley Park on 1 and 2 November 2023.
Read moreTelecoms supply agreement excludes "loss of profit" claim under "anticipated profits" liability exclusion (EE v Virgin Mobile)
In line with a number of recent cases, in EE Limited v Virgin Mobile Telecoms Limited [2023] EWHC 1989 (TCC) the courts have shown that parties generally cannot avoid clear wording contained in exclusion clauses in order to recover losses that have been expressly excluded (in this case, loss of profits).
Read moreRolls-Royce entitled to hit the brakes in dispute over termination of a software services agreement (Topalsson v Rolls-Royce)
In Topalsson GmbH v Rolls-Royce Motor Cars Limited [2023] EWHC 1765 (TCC), the High Court has provided useful guidance on how to determine whether a software implementation timeline agreed by the parties is binding, when implementation is considered complete and in what circumstances failing to complete implementation by the contractual deadlines entitles the customer to terminate the contract.
Read moreA narrow escape – software services provider entitled to rely on single aggregate liability cap (Drax v Wipro)
When it comes to bespoke software development projects, a lot can go wrong. There's risk for the customer such as project delays, software defects, functionality issues and a lack of meeting of minds in terms of project requirements.
Read moreHong Kong Employment Law Update: Mandatory Provident Fund offsetting mechanism to be abolished after decade-long debate and campaigning
Following on from our brief update published on 9 June 2022, this article provides a detailed overview of the amendments put forward by the long-awaited Employment and Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Bill 2022 (the "Bill"), which was finally passed by the Legislative Council on 9 June 2022. The main feature of the Bill is the abolishment of the offsetting mechanism of the Mandatory Provident Fund ("MPF").
Read moreHong Kong Wage Subsidy Update – Government announces new round of Employment Support Scheme
The Government has at last finalized the details of the new round of Employment Support Scheme ("2022 ESS"). The purpose of the 2022 ESS to offer limited time financial support to small and medium-sized enterprises through providing wage subsidies to encourage enterprises to increase employment and to retain employees who would otherwise be made redundant.
Read moreIncreased penalty for employers who employ overstayers
Immigration (Amendment) Ordinance 2021 (“IAO”)
Read moreHong Kong's Legislative Council to consider Cancellation of MPF Offsetting
Under the Employment Ordinance, employers can offset long service payment or severance payment due to an employee against the employer's mandatory and voluntary contributions to the Mandatory Provident Fund (MPF), Hong Kong's pension system.
Read moreReimbursement of Maternity Leave Pay Scheme in Hong Kong
Hong Kong's statutory maternity leave has been extended from 10 weeks to 14 weeks with effect from 11 December 2020. From 1 April 2021, the Hong Kong Government has started accepting applications to reimburse employers' payment in respect of the extended period of maternity leave.
Read moreCOVID 19 Your workforce: What on earth is "furlough"?
Meaning of furlough, especially in the context of companies dealing with the impact of COVID-19.
Read moreCOVID-19 Your workforce: pay and costs - practical ideas our clients are exploring
COVID-19 Your workforce: pay and costs - practical ideas our clients are exploring. These are extraordinary times that place extraordinary pressures on all of us, including dealing with your workforce. We set out below some ideas that we are hearing about from our clients and some areas you may wish to think about in terms of your employee costs.
Read moreCOVID-19 Your workforce: supporting mental health when home working
COVID-19 Your workforce: supporting mental health when home working. Many of us are working from home during this crisis and while this can be an effective way of working for some, it is less happy for others; loneliness, caring for vulnerable dependants and challenging home environments are all being experienced. There may be members of your teams who fall into these categories.
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 moreFootball regulator heralds new era for The Beautiful Game
Last month, sports minister Nigel Huddleston formally confirmed the government’s support for the 10 strategic recommendations set out in the final report published last December by the independent fan-led review into governance, ownership and sustainability in English football.
Read moreSports Ticker (10 May 2021) - Para-sport basketball league, Premier League TV Rights and Olympic Virtual Series
Welcome to the latest edition of the RPC Sports Ticker - providing fortnightly bite-size updates from around the sports industry.
Read moreSports Ticker (22 April 2021) - Super League, full stadiums and Coin for Respect
Welcome to the latest edition of the RPC Sports Ticker - providing fortnightly bite-size updates from around the sports industry.
Read moreSports Ticker (12 Mar 2021) - Rugby World Cup, Fenway Sports Group and Dettol
Welcome to the latest edition of the RPC Sports Ticker - providing fortnightly bite-size updates from around the sports industry.
Read moreSports Ticker (25 Feb 2021) - England Cricket partnership, New Balance and Fantasy Premier League
Welcome to the latest edition of the RPC Sports Ticker - providing fortnightly bite-size updates from around the sports industry.
Read moreSports Ticker (12 February 2021) - Super Bowl LV, NBA investment and Ligue 1 broadcasting
Welcome to the latest edition of the RPC Sports Ticker - providing fortnightly bite-size updates from around the sports industry.
Read moreThe risk of cyber threats to sports organisations (and key steps to reduce exposure)
Manchester United FC's recent cyber-attack came just weeks after an article we wrote for LawInSport on the topic.
Read moreSheffield United, or divided? Implying duties of good faith
The High Court has held that the duty to act with good faith should not be implied into an agreement between the owners of Sheffield United FC.
Read moreSporting compromise – tips for settling sports disputes
Some practical tips for sports clubs when settling disputes – with a focus on those issues that regularly arise in a sporting context.
Read moreLook what you made me do – avoid inducing a breach of a sporting contract
Read moreeFootball transfers: Juve and Man U snub FIFA to sign for PES
The RPC Sports group round-up football eSports deals: Juventus and Manchester United sign eSports partnerships with Pro Evolution Soccer, whilst Liverpool FC partners with FIFA.
Read moreSpurs suffer Champions League defeat to the Advertising Standards Authority
Spurs' heartbreak in Madrid was not the only loss they suffered on their Champions League journey this year. A tweet from Spurs announcing their line-up for their knock-out game against Borussia Dortmund featured the gambling operator William Hill, and was ruled to contravene the CAP Code.
Read moreReforms to the FA's Regulations on Working with Intermediaries
RPC summarise the key changes to the FA's Regulations on Working with Intermediaries (the "Regulations"), and offer practical tips to agencies, clubs and players to manage their impact.
Read moreSmoke and mirrors? Big Tobacco slip(stream)s back into Formula One sponsorship deals
RPC reports on Philip Morris and British American Tobacco securing major partnerships with Ferrari and McLaren, prompting investigations into their compliance with domestic and international advertising laws.
Read moreCMA clamps down on unfair gambling promotions
The CMA has spoken: online gambling operators must act now to avoid falling foul of misleading terms and practices. See below for our list of dos and don’ts.
Read moreSpurs 2 : 0 HMRC – termination payment not taxable earnings
The Upper Tribunal (UT) has confirmed the decision of the First-tier Tribunal (FTT) that payments made by Spurs in respect of two players on early termination of their contracts were not earnings. They were termination payments and, therefore, were outside the scope of national insurance contributions (NICs).
Read moreSwansea City player Bony keeps former agents in play
In a dispute with his agents over secret commissions, Swansea City striker Wilfried Bony has succeeded in opposing a stay in English Court proceedings, which would have been implemented had the Court found he had agreed to arbitrate. The decision is an important reminder that national courts will have jurisdiction to hear a claim if the parties have not agreed (expressly or impliedly) to resolve the dispute using arbitration.
Read moreEdgar Davids wins League of Legends image rights claim
Dutch football icon Edgar Davids has succeeded in suing Riot Games – makers of the world's biggest video game and eSports phenomenon, League of Legends.
Read moreBarton succeeds in reducing betting ban
Joey Barton has succeeded in reducing the ban imposed on him by the FA Commission following breaches of FA Rules concerning betting – but he's still banned until 1 June 2018
Read moreUsing VR in sports – virtual insanity or future reality?
Stoke City has become the latest Premier League club to announce that it will use virtual reality (VR) technology as a training tool for its goalkeepers.
Read moreA shot in the arm for football sponsorship – clubs take advantage of new shirt sleeve regulations
As forecasted in our blog post back in April, it wasn't long before other Premier League teams followed Manchester City's lead in announcing major tie-ups for shirt sleeve sponsorship.
Read moreIndian sports broadcast network 'bowled out' for breach of a media rights agreement
This article considers New Zealand Cricket (Incorporation) v Neo Sports Broadcast PVT Ltd in which the High Court exercised its discretion and lifted a stay to allow the claimant, New Zealand Cricket, to successfully obtain summary judgment on a breach of contract claim with elements of bad faith counter-arguments.
Read moreBournemouth bets on shirt sponsorship deal with M88
AFC Bournemouth announces a two year deal with online gambling company M88, which includes shirt sponsorship and pitch-side branding.
Read moreBarton bets big and loses: sanctions, mitigation and next steps
What is the appropriate sanction for breaching the prohibition on betting on football matches, and what effect will mitigating factors have on the sanction?
Read moreHacked – IAAF victim of cyber-attack compromising athlete data
The International Association of Athletics Federations (IAAF) has been subject to a data breach – allegedly by Russian hacking group Fancy Bears - potentially compromising the sensitive data of a number of athletes.
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