Author: Sophia Hanif

Financial Conduct Authority FCA UK Logo - LEXLAW Litigation Law Firm in London

FCA’s comment on business interruption insurance test case encouraging for policyholders

On 15 January 2021, the Supreme Court handed down its ruling in the FCA test case on business interruption insurance against six insurers . Many businesses will now be considering the next steps whilst waiting for their insurers to assess their case. The FCA has issued a letter setting out the next steps encouraging insurers to reassess, progress and settle claims quickly in light of the ruling.

business interruption insurance insured ABI BIBA FCA supreme court test case covid-19 coronavirus turnover loss FOS litigation

Insurance industry’s reaction to Supreme Court BII test case positive for businesses

The Supreme Court Business Interruption Insurance (BII) test case has brought clarity to policyholders who have been affected by COVID-19 and have previously been denied BII cover by their insurers. This is causing insurers to reassess policyholders’ disputes on a case by case basis. If you are an affected business, you should seek legal advice as soon as possible and our specialist financial services litigation team can be instructed to assist.

newspaper-the-mirror-phone-hacking-roxanne-pallett-proceedings-litigation-offer-settlement-part-36-costs

Claimant wins battle over Defendant’s late acceptance of Part 36 offer in phone hacking claim

In Pallett v MGN Ltd, a case concerning the newspaper phone hacking scandal, the High Court orders the Defendant, owner of the Mirror newspaper, to pay all of the Claimant’s costs of the proceedings, despite arguments that they had accepted the settlement offer outside of the 21 day relevant period under CPR Part 36.

employer employee restrictive covenant employment dispute breach of contract litigation tribunal high court

Non-compete in employment contract held to be unreasonable and void

The coronavirus pandemic has led to many individuals losing their jobs due to redundancies and employees may wonder where they stand in relation to any restrictive covenants in their contracts. The case of Quilter Private Client Advisers v Falconer discusses the factors to be taken into account when seeking to enforce a restrictive covenant, which in this case was a 9 month non compete, which was found to be void and unenforceable.

commercial court high court summary judgment cpr 24 business interruption insurance policy litigation london

London Creperie’s arguments tossed aside as summary judgment awarded in business interruption insurance claim

In TKC London Ltd v Allianz Insurance plc [2020] EWHC 2710, the Commercial Court considered a company and its insurer’s arguments on policy wording relating to business interruption following losses arising from COVID-19 closures, awarding summary judgment in favour of the insurer.

financial services litigation advice

Case Study: Mis-sold bridging loan to obtain bankruptcy annulment

You can apply to annul your bankruptcy on the basis that all of your debts and expenses have been repaid in full or to the satisfaction of the Court. Third parties such as claims management companies commonly assist bankrupts in obtaining a bridging loan or other short term finance. Due to the nature of these complex, high interest rate loans, you should seek legal advice in relation to the same, which loans are commonly mis-sold and can result in the individual finding themselves in further financial difficulty e.g. facing possession.

CPR Part 36 Part 18 Litigation UK Solicitors

High Court holds Ed Sheeran’s lawyers gave inadequate responses to Part 18 requests in copyright infringement case

The High Court has held that singer Ed Sheeran, ignored CPR Part 18 Requests for Information from Defendants in a copyright infringement case. The Court takes breaches of its rules seriously.

fraud dishonest assistance litigation privilege financial services bank vicarious liability

High Court considers legal privilege in case concerning fraudulent trading and dishonest assistance

The High Court held RBS and Natwest vicariously liable for traders assisting in fraud, despite lacking actual knowledge of the fraud. Read the full judgment for Bilta (UK) Ltd & Ors v Natwest Markets Plc & Anor [2020] EWHC 546 (Ch), which case concerned legal privilege amongst allegations of fraudulent trading and dishonest assistance.

FCA bans sale of cryptocurrency derivatives to retail customers

Following its investigations, the FCA has published rules banning the sale of cryptocurrency investments to retail investors in the UK after concluding that they are ill-suited for such customers. The FCA estimates that retail consumers will save around £53m from the ban on these complex financial derivatives which commences in January 2021.

High Court holds Lloyds does not have to comply with repetitive subject access requests

The High Court has dismissed a claim against Lloyds Bank alleging the bank’s failure to respond to an individual’s data subject access requests (“DSAR”) following possession proceedings.