In this update we summarise some of the key developments from the first half of 2014 in case law, arbitration and regulation affecting the financial sector.
Clyde & Co's award-winning dispute resolution practice is the very heart of our firm. Recognised as an "elite" practice and the leading London disputes team, we have harnessed our deep sector knowledge to develop an enviable portfolio of banking litigation experience. Our specialist banking litigation and arbitration team is recognised in the legal directories as a "flourishing practice" and is almost unique in the City: an elite disputes firm that is rarely conflicted from acting for or against many of the major global financial institutions.
In this update, we summarise some of the key developments from the first half of 2014 in case law, arbitration and regulation affecting the financial sector.
Following on from allegations regarding LIBOR fixing (discussed in our banking litigation review of 2013), the Serious Fraud Office has opened a criminal investigation into allegations of fraudulent conduct in the foreign exchange market. The High Court has also provided guidance as to whether investment schemes constitute "collective investment schemes" under the Financial Services and Markets Act 2000.
In arbitration news, the LCIA has released new arbitration rules for the first time in 15 years.
We also review a decision flowing from the Lehman Brothers litigation in which the Court confirmed that application of the ISDA Master Agreement should be as straight forward as possible. The Commercial Court refused to strike out a claim for negligent miss-selling of an interest rate hedging product as time-barred whilst the High Court awarded Norwich Pharmacal relief against a foreign bank and confirmed the duty of confidentiality owed by lenders.
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