Tag: Banking

Caisse Regionale De Credit Agricole Mutuel Alpes Provence v ECB: ECFI 24 Apr 2018

Economic and Monetary Policy – Judgment – Economic and Monetary Policy – Prudential supervision of credit institutions – Article 4 (1) (e) and (3) of Regulation (EU) No 1024/2013 – Person effectively directing the activities of a credit institution – Article 13 (1) of Directive 2013/36 / EU and Article L. 511-13, second paragraph, of the French Monetary and Financial Code – Principle of non-cumulation of the presidency of the management body of a credit institution credit in its supervisory role with the function of Director-General in the same establishment – Article 88 (1) (e) of Directive 2013/36 and Article L. 511-58 of the French Monetary and Financial Code

Citations:

ECLI:EU:T:2018:219, [2018] EUECJ T-133/16

Links:

Bailii

Jurisdiction:

European

Banking

Updated: 14 April 2022; Ref: scu.609300

Chase Manhattan Bank NA v Israel-British Bank (London) Ltd: 1981

Goulding J approved the statement in Story’s Commentaries on Equity Jurisprudence: ‘the receiving of money which consistently with conscience cannot be retained is, in equity, sufficient to raise a trust in favour of the party for whom or on whose account it was received. This is the governing principle in all such cases. And therefore, whenever any controversy arises, the true question is, not whether money has been received by a party of which he could not have compelled the payment, but whether he can now, with a safe conscience, ex aequo et bono, retain it.’

Judges:

Goulding J

Citations:

[1981] Ch 105

Cited by:

Cited – Bailey and Another v Angove’s Pty Ltd SC 27-Jul-2016
The defendant had agreed to act as the claimant’s agent and distributor of the claimant’s wines in the UK. It acted both as agent and also bought wines on its own account. When the defendant went into litigation the parties disputed the right of the . .
Lists of cited by and citing cases may be incomplete.

Banking, Equity

Updated: 12 April 2022; Ref: scu.568653

Re Armagh Shoes Ltd: 1984

Citations:

[1984] BCLC 405

Jurisdiction:

England and Wales

Citing:

Applied – Siebe Gorman and Co Ltd v Barclays Bank Ltd ChD 1979
It was possible to create a fixed charge over present and future book debts and on its true construction, the debenture granted to Barclays Bank Ltd in this case had done so. If the chargor of book debts, having collected the book debts, ‘[had] had . .

Cited by:

Doubted – National Westminster Bank Plc v Spectrum Plus Ltd and others ChD 15-Jan-2004
The company granted a debenture to the claimant purporting to secure its book debts. The company went into liquidation. The liquidator challenged the bank’s charge.
Held: Siebe was wrongly decided. The charge was ineffective over the book . .
Lists of cited by and citing cases may be incomplete.

Banking

Updated: 12 April 2022; Ref: scu.191957

Struggles and others v Lloyds TSB plc: TCC 10 Feb 2000

A mineral quarry was repossessed under a mortgage and attempts were made to sell it. A claim that it had been sold at an undervalue was defeated. The valuation of such an asset was to make allowance for capitalisation of the income stream from mineral royalties. The sale of the property had been delayed long enough to allow a proper valuation, and a further sale would have put the bank at risk of other allegations. The bank had obtained the best price reasonably obtainable.

Citations:

Gazette 10-Feb-2000

Land, Banking

Updated: 10 April 2022; Ref: scu.89596

Mumford v Bank of Scotland; Smith v Same: OHCS 4 Aug 1994

Bank has no duty in Scotland to wife of borrower securing debt on house.

Citations:

Times 04-Aug-1994

Citing:

Appealed to – Mumford v Bank of Scotland IHCS 29-Sep-1995
There was no undue influence presumption to fix a bank with notice of husband’s misrepresentation of the position to wife giving security. . .

Cited by:

Appeal from – Mumford v Bank of Scotland IHCS 29-Sep-1995
There was no undue influence presumption to fix a bank with notice of husband’s misrepresentation of the position to wife giving security. . .
Appeal from – Smith v Governor and Company of The Bank of Scotland HL 6-Feb-1997
A bank which did not warn its customer of the of risks of a loan and of the need for independent advice was bound by misrepresentations made by customer. The House referred to ‘the broad principle in the field of contract law of fair dealing in good . .
Lists of cited by and citing cases may be incomplete.

Banking

Updated: 09 April 2022; Ref: scu.84124

National Westminster Bank Plc v Devon County Council, Devon County Council v Abbey National Plc: QBD 16 Jul 1993

A lender may use an initial fixed rate as the basis for an APR quotation. The APR on a 25 year mortgage may be calculated on the initial fixed rate not the subsequent variable one.

Citations:

Independent 25-Aug-1993, Times 16-Jul-1993

Statutes:

Consumer Credit Act 1974 46

Consumer, Banking

Updated: 09 April 2022; Ref: scu.84213

Morgan Grenfell and Co Ltd v Sutton London Borough Council: QBD 23 Mar 1995

A guarantee of loan to a non-registered housing association was ultra vires.

Citations:

Times 23-Mar-1995

Statutes:

Local Government Act 1972

Jurisdiction:

England and Wales

Cited by:

Appeal from – London Borough of Sutton v Morgan Grenfell and Co Ltd Morgan Grenfell and Co Ltd v Mayor and Burgesses of London Borough of Sutton London Borough of Sutton v Morgan Grenfell and Co Ltd Wellesley Housing Association Ltd CA 24-Oct-1996
The Housing Associations Act 1985 empowered a local authority to give guarantees in relation to registered housing associations. A local authority guaranteed a bank loan for an unregistered housing association.
Held: A Local Authority had no . .
Lists of cited by and citing cases may be incomplete.

Local Government, Banking

Updated: 09 April 2022; Ref: scu.83829

Mercedes Benz Finance Ltd v Clydesdale: OHCS 16 Sep 1996

The creditor finance company complained that the customer had paid money into its account with the bank, in order to discharge its obligations by direct debit payments, but that the bank had refused to make the payments. The claimant argued that the direct debit mandate was a mandate in rem suam, and was not dependant upon a credit balance to be maintained.
Held: The respective rights as between a banker and his customer are not affected by direct debit instructions. The instruction to pay remained that of the account holder. The creditor was in the same position as was the payee on a cheque, namely that it was a prerequisitie of an assignative effect that the account should crry sufficient funds. Though there were no relevant averments of trust or of a fiduciary relationship, the bank’s knowledgeof the specific reason for the lodgment of the funds to meet a specific obligation might be enough to require proof to be heard on the claim for unjust enrichment.

Judges:

Lord Penrose

Citations:

Times 16-Sep-1996, 1996 SCLR 1005

Citing:

Cited – British Motor Trade Association v Gray 1951
The test for an allegation of wrongful interference in a contract required something more than a failure to act. . .
Cited – Sutherland v Royal Bank of Scotland 1996
. .
Cited – Clark Taylor and Company v Quality Site Development (Edinburgh) Limited 1981
It was claimed that a trust had come into being in circumstances where the alleged truster and the alleged trustee were the same person.
Held: It was competent for the claimant to be both truster and trustee. . .
Lists of cited by and citing cases may be incomplete.

Banking, Scotland

Updated: 09 April 2022; Ref: scu.83646

Levett and Others v Barclays Bank Plc: QBD 27 Jan 1995

A contract was set aside where the plaintiff who had put up treasury stock as security, was not told of arrangements between the debtor and the bank whereby the security would be used to repay the loan. A creditor must reveal the disadvantageous nature of a loan to a proposed surety: ‘The creditor is under a duty to the surety to disclose to the surety contractual arrangements made between the principal debtor and the creditor which both, (a) make the terms of the principal contract something different from those which the surety might naturally expect and, (b) materially affect the degree of the surety’s responsibility.’

Judges:

Michael Burton QC

Citations:

Times 27-Jan-1995, [1995] 1 WLR 1260, [1995] 2 All ER 615

Cited by:

Helpful – Lloyds TSB Bank Plc v Shorney and Another CA 20-Jul-2001
The defendant had signed a guarantee and supporting charge to support her husband’s business debts. It has been expressly limited to andpound;150,000. Without prior notification, or seeking her consent, the bank extended the loan. When it later . .
Lists of cited by and citing cases may be incomplete.

Insolvency, Banking

Updated: 09 April 2022; Ref: scu.83032

Bank of Cyprus (London) Ltd v Markou and Another: ChD 8 Feb 1999

W, an equal shareholder with her husband and secretary of company was asked by him to sign an unlimited guarantee and charge when the company’s bank account moved between branches. She was not given independent advice and took no real part in the company.
Held: Undue influence by the husband had been established, and the bank was fixed with notice. The equal shareholding was no complete answer to her claim of manifest disadvantage in the transaction. The bank knew that she took no practical part in the business, and that was enough to put them on enquiry.

Judges:

John Jarvis QC J

Citations:

Gazette 10-Feb-1999, [1999] 2 All ER 707, Independent 08-Feb-1999

Undue Influence, Banking

Updated: 08 April 2022; Ref: scu.78153

VTB Bank (Austria) AG Intervener: Osterreichische Finanzmarktaufsicht: ECJ 13 Mar 2018

Opinion – Supervision of Credit Institutions – Reference for a preliminary ruling – Approximation of laws – Supervision of credit institutions – Directive 2013/36/EU -Regulation (EU) No 575/2013 – Regulation (EU) No 468/14 – Supervisory powers and powers to impose penalties – Large exposure limits – Rules of a Member State which provide for interest to be levied in cases where large exposure limits are exceeded

Citations:

ECLI:EU:C:2018:178, [2018] EUECJ C-52/17 – O

Links:

Bailii

Jurisdiction:

European

Banking

Updated: 06 April 2022; Ref: scu.606033

Property Alliance Group Ltd v The Royal Bank of Scotland Plc: CA 2 Mar 2018

The client sought damages against its former bankers as regards the misselling of interest rate swaps agreements dependant in part upon the dicredited LIBOR interest rates

Judges:

Sir Terence Etherton MR, Lord Justice Longmore and Lord Justice Newey

Citations:

[2018] EWCA Civ 355

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Appeal from – Property Alliance Group Ltd v The Royal Bank of Scotland Plc ChD 21-Dec-2016
Claim for alleged misselling of interest rate swap products. . .
Lists of cited by and citing cases may be incomplete.

Banking, Torts – Other

Updated: 05 April 2022; Ref: scu.605696

American Express v The Lords Commissioners of Her Majesty’s Treasury – C-643/16: ECJ 7 Feb 2018

Freedom of Establishment – Payment Services In The Internal Market – Judgment

Citations:

ECLI:EU:C:2018:67, [2018] WLR(D) 72, [2018] EUECJ C-643/16

Links:

WLRD, Bailii

Jurisdiction:

European

Cited by:

See Also – American Express v The Lords Commissioners of Her Majesty’s Treasury – C-304/16 ECJ 7-Feb-2018
Freedom of Establishment – Interchange Fees for Card-Based Payment Transactions – Judgment – Reference for a preliminary ruling – Regulation (EU) 2015/751 – Interchange fees for card-based payment transactions – Article 1(5) – Three party payment . .
Lists of cited by and citing cases may be incomplete.

Banking

Updated: 04 April 2022; Ref: scu.604713

American Express v The Lords Commissioners of Her Majesty’s Treasury – C-304/16: ECJ 7 Feb 2018

Freedom of Establishment – Interchange Fees for Card-Based Payment Transactions – Judgment – Reference for a preliminary ruling – Regulation (EU) 2015/751 – Interchange fees for card-based payment transactions – Article 1(5) – Three party payment card scheme treated as equivalent to a four party payment card scheme – Conditions – Issuance by a three party payment card scheme of card-based payment instruments ‘with a co-branding partner or through an agent’ – Article 2(18) – Concept of ‘three party payment card scheme’ – Validity

Citations:

ECLI:EU:C:2018:66, [2018] WLR(D) 73, [2018] EUECJ C-304/16

Links:

WLRD, Bailii

Statutes:

Regulation (EU) 2015/751

Jurisdiction:

European

Citing:

See Also – American Express v The Lords Commissioners of Her Majesty’s Treasury – C-643/16 ECJ 7-Feb-2018
Freedom of Establishment – Payment Services In The Internal Market – Judgment . .

Cited by:

Cited – Wightman and Others v Secretary of State for Exiting the European Union ECJ 10-Dec-2018
Art 50 Notice withrawable unilaterally
Reference for a preliminary ruling – Article 50 TEU – Notification by a Member State of its intention to withdraw from the European Union – Consequences of the notification – Right of unilateral revocation of the notification – Conditions
The . .
Lists of cited by and citing cases may be incomplete.

Banking

Updated: 04 April 2022; Ref: scu.604712

Goldman Sachs International v Novo Banco SA: SC 4 Jul 2018

A banking facility was provided under a contract applying English law and jurisdiction. The parties now disputed whether on an assignment the dispute was to be resolved under Portuguese law.
Held: Recognition in the United Kingdom of measures by a foreign Resolution Authority in accordance with its own national legislation implementing the EBRRD. Any pan-European scheme for dealing with the systemic risks of bank failures must depend for its efficacy on the widest possible recognition of a home state’s measures in other jurisdictions where banks in the course of reorganisation may have interests or assets or under whose laws it may have contracted.
Lord Sumption said: ‘I reject the proposition, which was fundamental to both the Judge’s analysis and the appellants’ case, that the effect of the August decision can be recognised without regard to the December decision. On the face of it, the December decision was not an interpretation of the August decision or an amendment of it, retrospective or otherwise. Nor was it a retransfer of a liability previously transferred to Novo Banco. It was a ruling that under the terms of article 145-H(2) of the Banking Law and paragraph (b)(i)(a) of Annexe 2 of the August decision, the Oak liability had never been transferred. But, like the courts below, I do not think that it matters what the correct analysis of the December decision is, provided that it is accepted (as it is) that as a matter of Portuguese law it is conclusive of that point unless and until annulled by a Portuguese administrative court. It follows from the agreed propositions of Portuguese law and from the requirement of article 3.2 of the Reorganisation Directive that an English court must treat the Oak liability as never having been transferred to Novo Banco. It was therefore never party to the jurisdiction clause.’
and, as to the ‘better of the argument test’: ‘What is meant is (i) that the claimant must supply a plausible evidential basis for the application of a relevant jurisdictional gateway; (ii) that if there is an issue of fact about it, or some other reason for doubting whether it applies, the court must take a view on the material available if it can reliably do so; but (iii) the nature of the issue and the limitations of the material available at the interlocutory stage may be such that no reliable assessment can be made, in which case there is a good arguable case for the application of the gateway if there is a plausible (albeit contested) evidential basis for it.’

Judges:

Lord Sumption, Lord Hodge, Lady Black, Lord Lloyd-Jones JJSC, Lord Mance

Citations:

[2018] UKSC 34, [2018] WLR(D) 440, [2018] 2 BCLC 141, [2018] 1 WLR 3683

Links:

Bailii, WLRD, Bailii Summary

Statutes:

Parliament and Council Directive 2001/24/EC, Parliament and Council Directive 2014/59/EU

Jurisdiction:

England and Wales

Citing:

Cited – Estasis Salotti Di Colzani Aimo Et Gianmario Colzani v Ruewa Polstereimaschinen Gmbh ECJ 14-Dec-1976
ECJ The way in which article 17 of the Convention of 27 September 1968 is to be applied must be interpreted in the light of the effect of the conferment of jurisdiction by consent, which is to exclude both the . .
Cited – Four Seasons Holdings Incorporated v Brownlie SC 19-Dec-2017
The claimant and her family were in a car crash while on holiday in Egypt. The claimant’s husband and his daughter died. The holiday had been booked in England and the car excursion booked in advance from England. The hotel operator was incorporated . .
At ComC – Goldman Sachs International v Novo Banco Sa ComC 7-Aug-2015
. .
Appeal from – Guardians of New Zealand Superannuation Fund and Others v Novo Banco, Sa CA 4-Nov-2016
. .
Cited – National Bank of Greece and Athens v Metliss HL 1957
The National Bank of Greece had been created under the law of Greece. By a Greek decree, the bank was dissolved and, by the same decree, amalgamated with another bank into a new banking corporation under the name of ‘National Bank of Greece and . .
Cited – LBI HF v Kepler Capital Markets SA ECJ 24-Oct-2013
ECJ Request for a preliminary ruling – Reorganisation and winding-up of credit institutions – Directive 2001/24/EC – Articles 3, 9 and 32 – National legislative act conferring on reorganisation measures the . .
Cited – Kotnik And Others v Drzavni Zbor Republike Slovenije ECJ 19-Jul-2016
ECJ (Judgment) Reference for a preliminary ruling – Validity and interpretation of the Banking Communication from the Commission – Interpretation of Directives 2001/24/EC and 2012/30/EU – State aid to banks in . .

Cited by:

Cited – Soleymani v Nifty Gateway Llc ComC 24-Mar-2022
Arbitration jurisdiction applications stayed
The claimant sought declaratory relief as to the basis of a purchase after he placed a bid for a blockchain-based non-fungible token (also known as an NFT) associated with an artwork by the artist known as Beeple titled ‘Abundance’. The court was . .
Lists of cited by and citing cases may be incomplete.

Banking, European, Jurisdiction

Updated: 03 April 2022; Ref: scu.619945

Golden Belt 1 Sukuk Company BSC (c) v BNP Paribas: ComC 7 Dec 2017

Duties owed by the defendant bank (‘BNPP’) as the Arranger of an Islamic financing transaction known as a Sukuk, equivalent in economic effect to a Eurobond issue but structured so as to conform to the principles of Sharia law.

Judges:

Males J

Citations:

[2017] EWHC 3182 (Comm), [2017] WLR(D) 822

Links:

Bailii

Jurisdiction:

England and Wales

Banking

Updated: 02 April 2022; Ref: scu.601474

UBS Ag (London Branch) and Another v Kommunale Wasserwerke Leipzig Gmbh: CA 16 Oct 2017

The claimant investment bank sought recovery of its loans. The defendant German municipal water company alleged corruption by its financial advisers who were under financial incentives to sell the claimant’s loans.

Judges:

Gloster LJ, Briggs of Westbourne L, Hamblen LJ

Citations:

[2017] EWCA Civ 1567

Links:

Bailii

Jurisdiction:

England and Wales

Banking, Local Government, Agency

Updated: 31 March 2022; Ref: scu.597393

Uganda Commercial Impex Ltd v Council of The European Union: ECFI 18 Sep 2017

Common Foreign and Security Policy – Restrictive Measures : Judgment – Common foreign and security policy – Restrictive measures taken against the Democratic Republic of the Congo – Freezing of funds – List of the persons, entities and bodies acting in breach of the embargo with regard to the Democratic Republic of the Congo – Maintenance of the applicant’s name on the list

Citations:

T-107/15, [2017] EUECJ T-107/15

Links:

Bailii

Jurisdiction:

European

Banking, International

Updated: 30 March 2022; Ref: scu.595420

Cameron Developments (UK) Ltd v National Westminster Bank Plc and Another: QBD 26 Jul 2017

The defendants seek strikeout/summary judgment of the claims asserted in respect of the review carried out by the defendants into a swap sold by the first defendant to the claimant on the basis that any such claims were compromised by a settlement agreement.

Judges:

Moulder HHJ

Citations:

[2017] EWHC 1884 (QB)

Links:

Bailii

Jurisdiction:

England and Wales

Banking, Litigation Practice

Updated: 28 March 2022; Ref: scu.591303

CGL Group Ltd and Others v The Royal Bank of Scotland Plc and National Westminster Bank Plc and Others: CA 24 Jul 2017

Appeals concerning interest rate hedging products that the appellants were required to buy as a condition of loans made to them by the respondent banks.

Judges:

McFarlane, Lewison, Beatson LJJ

Citations:

[2017] EWCA Civ 1073

Links:

Bailii

Jurisdiction:

England and Wales

Banking

Updated: 28 March 2022; Ref: scu.591180

GMAC Commercial Credit Development Ltd v Sandhu and Another: CA 10 Jul 2001

Claims under deeds of guarantee and indemnity to support debt factoring arrangements.

Judges:

Potter, Hale LJJ, Sir Anthony Evans

Citations:

[2001] EWCA Civ 1209, [2001] 2 All ER (Comm) 782

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

See Also – GMAC Commercial Credit Development Ltd v Sandhu and Another ComC 31-Mar-2004
Claims under separate Deeds of Guarantee and Indemnity . .
Lists of cited by and citing cases may be incomplete.

Banking

Updated: 27 March 2022; Ref: scu.573931

Deutsche Bank Ag v Sebastian Holdings Inc: ComC 28 Apr 2016

Judges:

Waksman QC HHJ

Citations:

[2017] EWHC 913 (Comm)

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

See Also – Deutsche Bank Ag v Sebastian Holdings Inc ComC 14-Aug-2009
. .
See Also – Deutsche Bank Ag v Sebastian Holdings Inc ComC 1-Dec-2009
. .

Cited by:

See Also – Deutsche Bank Ag v Sebastian Holdings Inc ComC 16-Dec-2016
. .
See Also – Deutsche Bank Ag v Sebastian Holdings Inc ComC 13-Dec-2017
. .
Lists of cited by and citing cases may be incomplete.

Company, Banking

Updated: 27 March 2022; Ref: scu.588904

Kiselev v Council: ECFI 15 Jun 2017

ECJ (Common Foreign and Security Policy – Restrictive Measures In Respect of Actions Undermining or Threatening Ukraine : Judgment) Common foreign and security policy – Restrictive measures in respect of actions undermining or threatening Ukraine – Freezing of funds – Restrictions on entry into the territories of the Member States – Natural person actively supporting or implementing actions undermining or threatening Ukraine – Obligation to state reasons – Manifest error of assessment – Freedom of expression – Proportionality – Rights of defence

Citations:

ECLI:EU:T:2017:392, [2017] EUECJ T-262/15

Links:

Bailii

Jurisdiction:

European

Banking

Updated: 27 March 2022; Ref: scu.588282

The Co-Operative Bank Plc v Desmond Victor John Phillips: ChD 2 Jun 2017

Appeal from summary judgment given against the defendant on his counterclaim ‘for breach of contract, negligence, negligent misstatement, misrepresentation and breach of statutory duty’

Judges:

Paul Matthews HHJ

Citations:

[2017] EWHC 1320 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Insolvency, Banking

Updated: 27 March 2022; Ref: scu.588023

Thomas and Another v Triodos Bank Nv: QBD 2 Mar 2017

‘This case raises once again the question of the extent of the duty of care which a bank owes to a retail customer to whom commercial borrowing facilities have been extended. There was no hedge sold to the claimants in the present case. The transactions in question simply involved switching borrowing from a variable rate to a fixed rate for a term of 10 years.’

Judges:

Havelock-Allan QC HHJ

Citations:

[2017] EWHC 314 (QB)

Links:

Bailii

Jurisdiction:

England and Wales

Banking

Updated: 24 March 2022; Ref: scu.581417

Bank Tejarat v Council: ECFI 14 Mar 2017

ECJ (External Relations : Common Foreign and Security Policy External Relations : Common Foreign and Security Policy – Judgment) Common foreign and security policy – Restrictive measures taken against Iran with the aim of preventing nuclear proliferation – Freezing of funds – Re-listing of the applicant – Obligation to state reasons – Manifest error of assessment – Res judicata – Misuse of powers – Fundamental rights

Citations:

ECLI:EU:T:2017:164, [2017] EUECJ T-346/15

Links:

Bailii

Jurisdiction:

European

Human Rights, Banking

Updated: 23 March 2022; Ref: scu.580694

Robinson v National Bank of Scotland: HL 10 Apr 1916

The pursuer claimed for false and fraudulent misrepresentation againt his bankers.
Held: A duty of care is not only owed in cases of fiduciary relationship in the narrow sense of relationships which had been recognised by the court of Chancery as being of a fiduciary character. There are other special relationships.

Judges:

Lord Haldane, Earl Loreburn

Citations:

[1916] SC (HL) 154, [1916] UKHL 4, 1916 1 SLT 336

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Explained – Nocton v Lord Ashburton HL 19-Jun-1914
The defendant solicitor had persuaded his client to release a charge, thus advancing the solicitor’s own subsequent charge on the same property. The action was started in the Chancery Division of the High Court. The statement of claim alleged fraud . .
Cited – Derry v Peek HL 1-Jul-1889
The House heard an action for damages for deceit or fraudulent misrepresentation.
Held: The court set out the requirements for fraud, saying that fraud is proved when it is shown that a false representation has been made knowingly or without . .

Cited by:

Cited – Hedley Byrne and Co Ltd v Heller and Partners Ltd HL 28-May-1963
Banker’s Liability for Negligent Reference
The appellants were advertising agents. They were liable themselves for advertising space taken for a client, and had sought a financial reference from the defendant bankers to the client. The reference was negligent, but the bankers denied any . .
Lists of cited by and citing cases may be incomplete.

Scotland, Negligence, Torts – Other, Banking

Updated: 11 February 2022; Ref: scu.216365

Banca Nazionale Del Lavoro Spa v Playboy Club London Ltd and Others: SC 26 Jul 2018

The Playboy casino required a reference for a customer, but asked for this through a third party. The bank was not aware of the agency but gave a good reference for a customer who had never deposited any money with them and nor to whom it had issued cheques. Playboy sought damages under the reference.
Held: Playboy’s appeal failed: ‘It is impossible to feel much sympathy for BNL given the circumstances in which they came to give a favourable credit reference for some one with whom they appear to have had no relevant dealings. But they had no reason to suppose that Burlington was acting for some one else, and they knew nothing of the Playboy Club. In those circumstances, it is plain that they did not voluntarily assume any responsibility to the Club. It may well be, since they knew nothing of Burlington either, that they were indifferent to whom they were dealing with. But the fact that a representor may have been equally willing to assume a duty to some one else does not mean that he can be treated as if he had done so.’

Judges:

Lady Hale, President, Lord Mance, Lord Sumption, Lord Reed, Lord Briggs

Citations:

[2018] UKSC 43, [2018] LLR 657, [2019] 2 All ER 478, [2018] 1 WLR 4041, 179 Con LR 17, [2019] 1 All ER (Comm) 693, [2018] PNLR 35, [2018] WLR(D) 530

Links:

Bailii, WLRD, Bailii Summary

Jurisdiction:

England and Wales

Citing:

Cited – Nocton v Lord Ashburton HL 19-Jun-1914
The defendant solicitor had persuaded his client to release a charge, thus advancing the solicitor’s own subsequent charge on the same property. The action was started in the Chancery Division of the High Court. The statement of claim alleged fraud . .
Cited – Candler v Crane Christmas and Co CA 15-Dec-1950
Though the accounts of the company in which the plaintiff had invested had been carelessly prepared and gave a wholly misleading picture of the state of the company, the plaintiff could not recover damages. A false statement, carelessly, as . .
Cited – Hedley Byrne and Co Ltd v Heller and Partners Ltd HL 28-May-1963
Banker’s Liability for Negligent Reference
The appellants were advertising agents. They were liable themselves for advertising space taken for a client, and had sought a financial reference from the defendant bankers to the client. The reference was negligent, but the bankers denied any . .
Cited – Forsikringsaktieselskapt Vesta v Butcher HL 1988
A contract of insurance and a facultative reinsurance, under which part of the original risk was reinsured, contained warranties in identical terms.
Held: The warranty in the reinsurance policy, which was governed by English law, should be . .
Cited – Steel and Another v NRAM Ltd (Formerly NRAM Plc) SC 28-Feb-2018
The appellant solicitor acted in a land transaction. The land was mortgaged to the respondent bank. She wrote to the bank stating her client’s intention to repay the whole loan. The letter was negligently mistaken and the bankers allowed the . .
Cited – Smith v Eric S Bush, a firm etc HL 20-Apr-1989
In Smith, the lender instructed a valuer who knew that the buyer and mortgagee were likely to rely on his valuation alone. The valuer said his terms excluded responsibility. The mortgagor had paid an inspection fee to the building society and . .
Appeal from – Playboy Club London Limited and Others v Banca Nazionale Del Lavoro Spa CA 18-May-2016
The club brought an action against the bank as to a reference given on behalf of a customer. They had certified him ‘good’ for 1.6m pounds, despite his having no funds in his account. . .
At QBD – Playboy Club London Ltd and Others v Banca Nazionale Del Lavoro Spa QBD 10-Jul-2014
The claimant casino alleged negligence by the defendant bank in a reference it had given for a mutual customer, leading to substantial losses. The requests was made on behalf of the claimant by a third party acting as its undisclosed agent. The . .
Cited – Caparo Industries Plc v Dickman and others HL 8-Feb-1990
Limitation of Loss from Negligent Mis-statement
The plaintiffs sought damages from accountants for negligence. They had acquired shares in a target company and, relying upon the published and audited accounts which overstated the company’s earnings, they purchased further shares.
Held: The . .
Cited – Henderson v Merrett Syndicates Ltd HL 25-Jul-1994
Lloyds Agents Owe Care Duty to Member; no Contract
Managing agents conducted the financial affairs of the Lloyds Names belonging to the syndicates under their charge. It was alleged that they managed these affairs with a lack of due careleading to enormous losses.
Held: The assumption of . .
Cited – Siu Yin Kwan and Another v Eastern Insurance Co Ltd PC 16-Dec-1993
Insurers are liable to undisclosed principals on an indemnity policy, provided it was made with the range of their authority. The claim arose out of the death of two seamen on their employers’ vessel but the employers were not named in the relevant . .
Cited – Spring v Guardian Assurance Plc and Others HL 7-Jul-1994
The plaintiff, who worked in financial services, complained of the terms of the reference given by his former employer. Having spoken of his behaviour towards members of the team, it went on: ‘his former superior has further stated he is a man of . .

Cited by:

See Also – Playboy Club London Ltd v Banca Nazionale Del Lavoro Spa CA 12-Sep-2018
Appeal from striking out of claim for deceit . .
See Also – Playboy Club London Ltd v Banca Nazionale Del Lavora Spa ComC 21-Feb-2019
. .
Lists of cited by and citing cases may be incomplete.

Banking, Negligence

Updated: 11 February 2022; Ref: scu.620134

Neka Novin v Council: ECFI 7 Mar 2017

ECJ (Judgment) Common Foreign and Security Policy – Restrictive measures against Iran with the aim of preventing nuclear proliferation – Freezing of funds – Maintenance of the applicant’s name on the list of persons concerned – Error of law – manifest error of assessment – Proportionality

Citations:

ECLI:EU:T:2017:142, [2017] EUECJ T-436/14

Links:

Bailii

Jurisdiction:

European

Banking, Crime

Updated: 09 February 2022; Ref: scu.579681

Kendrion v European Union: ECFI 1 Feb 2017

ECJ Judgment -Non-contractual liability – Accuracy of the application – Admissibility – Article 47 of the Charter of Fundamental Rights – Reasonable judgment – Material damage – Interest on the amount of unpaid fine – Bank guarantee charges – Intangible damage – Causality

Citations:

ECLI:EU:T:2017:48, [2017] EUECJ T-479/14

Links:

Bailii

Jurisdiction:

European

Banking

Updated: 29 January 2022; Ref: scu.573828

Nausicaa Anadyomene and Banque D’Escompte v ECB: ECFI 24 Jan 2017

ECJ (Judgment) Non-contractual liability – Economic and monetary policy – ECB – National central banks – Restructuring of Greek public debt – Securities purchase program – Securities exchange agreement for the benefit of the Eurosystem central banks alone – Sector involvement Private partnership – Collective action clauses – Credit enhancement in the form of a buy-back program to support the quality of securities as collateral – Private creditors – Commercial banks – Sufficiently serious breach of a rule of law conferring rights To individuals – Legitimate expectations – Equal treatment

Citations:

T-749/15, [2017] EUECJ T-749/15, ECLI:EU:T:2017:21

Links:

Bailii

Jurisdiction:

European

Banking

Updated: 29 January 2022; Ref: scu.573736

Petrosaudi Oil Services (Venezuela) Ltd v Novo Banco Sa and Others – EWCA Civ 9: CA 25 Jan 2017

Judges:

Lewison, Christopher Clarke LJJ

Citations:

[2017] EWCA Civ 9

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

See Also – Petrosaudi Oil Services (Venezuela) Ltd v Novo Banco Sa and Others – EWCA Civ 32 CA 25-Jan-2017
Form of Order . .
Lists of cited by and citing cases may be incomplete.

Banking

Updated: 29 January 2022; Ref: scu.573615

Property Alliance Group Ltd v The Royal Bank of Scotland Plc: ChD 21 Dec 2016

Claim for alleged misselling of interest rate swap products.

Aspin DBE J
[2016] EWHC 3342 (Ch)
Bailii
England and Wales
Citing:
Cited – Cassa Di Risparmio Della Repubblica Di San Marino Spa v Barclays Bank Ltd ComC 9-Mar-2011
The claimant alleged misselling of a complex financial product by the defendant.
Held: Hamblen J set out the relevant principles as to misrepresentation in this context, namely that in a deceit case, the representor should understand that he . .

Cited by:
Appeal from – Property Alliance Group Ltd v The Royal Bank of Scotland Plc CA 2-Mar-2018
The client sought damages against its former bankers as regards the misselling of interest rate swaps agreements dependant in part upon the dicredited LIBOR interest rates . .
Cited – Boyse (International) Ltd v Natwest Markets Plc and Another ChD 27-May-2020
Claim alleging misselling of interest rate hedging products. The court considered the defendants strike out application, and applications for leave to amend pleadings.
Held: it will normally be appropriate for summary judgment to be pursued on . .

Lists of cited by and citing cases may be incomplete.

Banking

Updated: 27 January 2022; Ref: scu.572757

Sv Capital OU v European Banking Authority: ECJ 14 Dec 2016

ECJ Judgment – Appeal – Application to initiate an investigation into the Estonian and Finnish supervisory authorities – Decision of the European Banking Authority (EBA) – Board of Appeal decision of the European Supervisory Authorities – Regulation (EU) No 1093/2010 – Articles 17 and 60 – Board of Appeal – Period allowed for commencing proceedings – Excusable error

C-577/15, [2016] EUECJ C-577/15
Bailii
European

Banking

Updated: 27 January 2022; Ref: scu.572614

Gutierrez Naranjo v Cajasur Banco SAU and similar: ECJ 21 Dec 2016

ECJ Judgment – Reference for a preliminary ruling – Directive 93/13 / EEC – Contracts with consumers – Mortgages – Unfair terms – Article 4 (2) – Article 6 (1) – Declaration of invalidity – Limitation by national courts of The declaration of nullity of an abusive clause

C-154/15, [2016] EUECJ C-154/15
Bailii
European

Consumer, Banking

Updated: 27 January 2022; Ref: scu.572584

Al-Ghabra v Commission: ECFI 13 Dec 2016

ECJ Judgment (Third Chamber) – Common foreign and security policy – Restrictive measures directed against certain persons and entities associated with Usama bin Laden, the Al-Qaeda network and the Taliban – Regulation (EC) No 881/2002 – Freezing of the funds and economic resources of a person included on a list drawn up by a United Nations body – Inclusion of that person’s name on the list in Annex I to Regulation No 881/2002 – Action for annulment – Reasonable time – Obligation to verify and justify the merits of the grounds relied on – Judicial review

ECLI:EU:T:2016:721, [2016] EUECJ T-248/13
Bailii
European

Banking

Updated: 27 January 2022; Ref: scu.572563

Rotenberg v Council: ECFI 30 Nov 2016

ECJ Judgment – Common foreign and security policy – Restrictive measures in respect of actions undermining or threatening Ukraine – Freezing of funds – Restrictions on admission to the territories of the Member States – Natural person actively supporting or implementing actions undermining or threatening Ukraine – Natural person benefiting from Russian decision-makers responsible for the annexation of Crimea – Rights of defence – Obligation to state reasons – Manifest errors of assessment – Right to property – Freedom to conduct a business – Right to respect for private life – Proportionality

ECLI:EU:T:2016:689, [2016] EUECJ T-720/14
Bailii
European

Banking

Updated: 26 January 2022; Ref: scu.571978

Surrey Asset Finance Ltd v National Westminster Bank plc: QBD 30 Nov 2000

That a cheque was endorsed ‘account payee’ did not mean that the drawer of the cheque would be entitled to damages for conversion from a paying bank crediting it to a different account. to succeed under this section the claimant had to show an immediate right to possession of the cheque. There appeared to be no evidence that the cheque has not been delivered to the payee. It appeared that the conversion took place after that delivery. The possession in the section referred to legal possession rather than their physical custody. Since the section deemed good delivery, there was no conversion as against the claimant. An entitlement to injunctive relief did not amount to an immediate right to possession under the section. In this case of the cheque would have been paid in any event, and there was no demonstrable loss arising from the payment of the cheque into a different account.

Times 30-Nov-2000
Bills of Exchange Act 1882 21(3)
England and Wales
Cited by:
Appeal from – Surrey Asset Finance Ltd v National Westminster Bank CA 24-Jan-2001
Application for leave to appeal against dismissal of application for summary judgment – rejected. . .
Cited – Iran v The Barakat Galleries Ltd QBD 29-Mar-2007
The claimant government sought the return to it of historical artefacts in the possession of the defendants. The defendant said the claimant could not establish title and that if it could the title under which the claim was made was punitive and not . .

Lists of cited by and citing cases may be incomplete.

Banking

Updated: 26 January 2022; Ref: scu.89614

Dowling And Others v Minister for Finance: ECJ 8 Nov 2016

ECJ (Judgment) Regulation (EU) No 407/2010 – European Financial Stabilisation Mechanism – Implementing Decision 2011/77/EU – European Union financial assistance to Ireland – Recapitalisation of national banks – Company law – Second Directive 77/91/EEC – Articles 8, 25 and 29 – Recapitalisation of a bank by means of judicial direction order – Increase in share capital without general meeting decision and without the shares issued being offered on a pre-emptive basis to existing shareholders – Issue of new shares at a price lower than their nominal value

C-41/15, [2016] EUECJ C-41/15, ECLI:EU:C:2016:836
Bailii, WLRD
Regulation (EU) No 407/2010
European

Banking, Company

Updated: 25 January 2022; Ref: scu.571269

Hamcho and Hamcho International v Council: ECFI 26 Oct 2016

ECJ Judgment – Common Foreign and Security Policy – Restrictive measures against Syria – Freezing of funds – Cancellation of prior acts by a judgment of the Court – New actions include the applicants’ names in the lists – Action for annulment – Article 76 d) of the Rules of procedure – Content of the application – Admissibility – Obligation to state reasons – Burden of proof – Right to property – corporate Freedom

ECLI:EU:T:2016:630, [2016] EUECJ T-153/15
Bailii
European

Banking

Updated: 24 January 2022; Ref: scu.570584

Alsharghawi v Council: ECFI 20 Sep 2016

ECJ (Judgment) Common Foreign and Security Policy – Restrictive measures because of the situation in Libya – Freezing of funds – List of persons subject to restrictions on entry and transit through the territory of the European Union – Functions former chief of staff of Muammar Qadhafi – Choice of legal basis – Obligation to state reasons – Rights of the defense – Presumption of innocence – Proportionality – Freedom to come and go – ownership – Duty to justify the merits the measure

ECLI:EU:T:2016:520, [2016] EUECJ T-485/15
Bailii
European

Banking

Updated: 23 January 2022; Ref: scu.569495

The Honourable Society of the Middle Temple v Lloyds Bank plc and Another: QBD 8 Feb 1999

Where a cheque marked ‘a/c payee only’ had been stolen, and an English clearing bank collected it as agent for a foreign bank not acting for the payee, that bank was liable for the misrepresentation involved in the presentation. Where a bank asks its English agent for collection to collect English cheques crossed ‘a/c payee’ it is impliedly warranting that its customer is entitled to the proceeds. The court drew a distinction between an agent’s breach of duty as against his principal and an agent’s breach of duty to a third party. Where an agent for a collecting bank was negligent towards a third party payee, he would be indemnified by a collecting bank for any loss caused to a third party as a consequence of performing the collecting bank’s request. This was not so where the loss arose from the agent’s negligence in the actual performance of the collecting bank’s request.
Rix J: ‘When, however, the cheque emerges from that multitude and is referred by the clerical staff to management, albeit only as a result of an inquiry after fate, it seems to me that different considerations come into play. The cheque is no longer a mere item following a course in a factory-like process. It no longer becomes impracticable to give it individual attention, or the attention of management. It is referred for just such individual attention, even if the cause of referral is something collateral.’

Rix J
Times 08-Feb-1999, [1999] 1 All ER (Comm) 193
Cheques Act 1992
England and Wales
Cited by:
Approved – Linklaters (A Firm) v HSBC Bank Plc and and Banco Popular Espanol ComC 22-May-2003
A stolen cheque was endorsed in blank, and paid through an account opened for that purpose. It had been crossed ‘A/C PAYEE ONLY’ The cheques was paid in, and the money authorised for payment by HSBC. The banks had to apportion responsibility. The . .
Cited – Architects of Wine Ltd v Barclays Bank Plc CA 20-Mar-2007
The bank appealed summary judgement against it for conversion of cheques. The cheques had been obtained by a fraud.
Held: The court considered the question of neglience under section 4: ‘The section 4 qualified duty does not require an . .

Lists of cited by and citing cases may be incomplete.

Banking, Agency

Updated: 21 January 2022; Ref: scu.89822

Samuel Keller (Holdings) Ltd v Martins Bank: ChD 1970

On an interpleader summons by a bank, the question asked was whether the proceeds of sale held by the bank of properties mortgaged should be paid to the mortgagee or paid into court because the mortgagor had a cross-claim against the mortgagee.
Held: The mortgage remained in being despite the existence of the cross-claim and the mortgagee was entitled to the proceeds.
A mortgagor is not entitled to claim to set off an unliquidated claim for damages against a debt, secured by a mortgage, so as to prevent its enforcement and the application of the sale proceeds in discharge of the secured debt.

Megarry J
[1970] 3 All ER 950, [1971] 1 WLR 43
England and Wales
Cited by:
Cited – Platts v Trustees Savings Bank Plc CA 13-Feb-1998
A counterclaim for negligent sale was a valid claim allowing potential against repossessing bank but would not make bank’s claim unliquidated. The Judge could properly hold that there was a liquidated and unsecured debt the subject of the statutory . .

Lists of cited by and citing cases may be incomplete.

Banking

Updated: 20 January 2022; Ref: scu.184796

CW v Council T-224/14: ECFI 30 Jun 2016

ECJ (Judgment) Foreign Policy and Security – Restrictive measures against certain persons and entities in view of the situation in Tunisia – Freezing of funds – Extension – Right to property – Proportionality – Error of fact – Misuse of powers – Liability Not contractual

ECLI:EU:T:2016:375, [2016] EUECJ T-224/14
Bailii
European

Banking

Updated: 18 January 2022; Ref: scu.566453

CW v Council T-516/13: ECFI 30 Jun 2016

ECJ (Judgment) Common Foreign and Security Policy – Restrictive measures against certain persons and entities in view of the situation in Tunisia – Freezing of funds – Applicant name registration based on a new motivation after cancellation freezing of funds earlier – Right to property – Proportionality – Error of fact – Misuse of powers – non-contractual liability – causation

ECLI:EU:T:2016:377, [2016] EUECJ T-516/13
Bailii
European

Banking

Updated: 18 January 2022; Ref: scu.566454