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Banking and Financial Markets Litigation Update - Summer 2024
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.
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 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 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 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 moreCrypto 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 moreBanking and financial litigation markets update - Summer 2022
In this overview we look at some of the most important judgments in recent months in the area of banking and financial markets litigation.
Read moreLook to the future: Trainees take on 2019
The trainees didn't fare too badly with their 2018 predictions. They doubted England's ability to make it past the group stages of the World Cup, but foresaw how Brexit would dominate the news agenda. They over-optimistically predicted the introduction of automated bundling, but came very close on the value of Bitcoin. Read on to see this year's predictions.
Read moreBrexit - a legal analysis: IP rights
IP rights in the UK are all influenced and moulded to a greater or lesser degree by European law.
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 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 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 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.
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