LEXLAW Solicitors & Barristers
The Court of Appeal recently analysed a swap mis-selling complaint submitted by the Claimant under the FCA Dispute Resolution scheme (“DISP”), which complaint would stop time running for the purposes of a making a complaint to the Financial Ombudsman Service (“FOS”).
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.
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.
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.
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.
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.
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.
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.
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.
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.