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Banking & Finance

Helen Pugh discusses knowing receipt and the proprietary base

Read Helen Pugh’s article on knowing receipt and a recent related High Court decision in Butterworths Journal of International Banking and Financial Law. Helen Pugh was recently published in the May edition of Butterworths Journal of International Banking and Financial Law where she analysed a recent High Court decision in a knowing receipt claim against a Saudi Arabian bank; Byers and Ors v Samba Financial Group [2021] EWHC 230 (Ch). It considered the vexed issue of whether a beneficiary must have a continuing equitable interest enduring upon receipt of the property by the recipient to establish a knowing receipt claim. In a detailed and well-reasoned judgment Mr Justice Fancourt answered that question in the affirmative. Knowing receipt Knowing receipt is…

Banking, Legal Blog & Publications, Insolvency and Restructuring 24 May, 2021

LIBOR transition: ISDA Protocol first mover disadvantage and other international perspectives

Justina Stewart and Chloë Bell, together with Hanif Virji of Vivadum, have written a feature article in the Journal of International Banking & Financial Law. The article considers the key international developments relating to LIBOR transition. The authors conclude that parties should exercise significant caution before signing up to the ISDA 2020 IBOR Fallbacks Protocol. You can read the article here. About the author Justina Stewart is a commercial chancery barrister. She is ranked as a leading junior in banking and finance, commercial dispute litigation and insolvency, and is appointed to the Attorney General’s Panel of Junior Counsel to the Crown. Chloë Bell is a commercial and public law barrister. She was formerly a judicial assistant to Lord Mance at…

News, International 9 Feb, 2021

A deep dive into the moratorium – a lender’s perspective

With suspension of insolvency enforcement due to end shortly, lenders face the prospect of borrowers entering the new, free-standing moratorium. Andrew Spink QC, Justina Stewart and Saaman Pourghadiri consider the impact of the new moratorium from a lender’s perspective. How vulnerable are lenders upon entry into the moratorium? Which categories of charge holders are more vulnerable? How might lenders protect their positions, and what opportunities might a moratorium present to lenders? In this in-depth article, Andrew, Justina and Saaman consider: Protections for lenders arising from: the requirement of companies to meet lenders’ capital and interest payments during the moratorium; the disapplication of “ipso facto” provisions to most financial services contracts; and the ability of lenders, in practice, to stymy the…

Banking during Covid-19, Covid-19, Legal Blog & Publications, Financial Services 9 Sep, 2020

Announcement of plans for synthetic LIBOR: panacea or pandora’s box?

John McKendrick QC, Justina Stewart and Chloë Bell write in the latest edition of the Journal of International Banking & Financial Law on potential public law implications of the UK Government’s plans for synthetic LIBOR to address tough legacy contracts. Plans announced in June 2020 to give the FCA enhanced powers to tackle “tough legacy” LIBOR contracts using “synthetic LIBOR” are intended to apply to a “narrow pool” of contracts.  It is still unclear how such contracts will be defined, whether the pool will in fact be narrow and how precisely the legislation and enhanced FCA powers will operate in relation to such contracts. The reality, however, appears to be the imposition of synthetic LIBOR on parties to “tough legacy”…

News 1 Sep, 2020

OTC welcomes Anthony Lo Surdo SC to chambers

Outer Temple Chambers is delighted to announce that Anthony Lo Surdo SC has joined chambers as a Professional Associate, based in Sydney, Australia. Anthony joins our global team of legal experts and will enhance our existing presence in the Southern Hemisphere with his experience and impressive existing practice. He is qualified to practice across all states and territories of Australia as well as internationally. Anthony is a Senior Counsel practising primarily from 12 Wentworth Selborne Chambers in Sydney, Australia. He also practises from Lonsdale Chambers in Melbourne. He qualified as a barrister in 1996, following 9 years’ practice as a solicitor in leading Australian law firms and was appointed an SC, equivalent to QC, in 2011. He was also Head…

Banking, Commercial, News, Disciplinary & Regulatory, Financial Services, Mediation, Sports 14 Aug, 2020

Success for Justina Stewart in Anglo-Indian $17 million banking claim

Justina Stewart successfully secured summary judgment in the sum of over $ 17 million and an award of indemnity costs. The hard-fought application involved a plethora of interesting issues – including regarding the Hague Convention on Service and whether the High Court’s jurisdiction was supplanted in the context of a suite of documents containing different dispute resolution clauses. In Punjab National Bank (International) Ltd v MBL Highway Development Company Ltd, Justina Stewart, instructed by Milan Kapadia of Royds Withy King, acted for the claimant in proceedings against the subsidiary of an Indian entity which delivers and operates large-scale infrastructure projects. The Bank provided financing for an Indian highway / toll road project, in the context of a complex collection of…

Banking, News 24 Jun, 2020

Consequences of LIBOR transition for the Middle Eastern banking market: Webinar with Al Tamimi & Company

Justina Stewart was delighted to speak today to over 170 attendees on the consequences of LIBOR transition for the Middle Eastern banking market. The talk focused on the significant challenges to both Middle Eastern banks and regulators brought about by LIBOR transition, and some of the steps that can be taken to mitigate associated risks.  Many thanks to Al Tamimi & Company, and particularly Justina’s co-speakers, Mark Brown and Matthew Heaton, for hosting such an interesting talk. Justina Stewart is ranked as a Leading Junior in Banking & Finance and Insolvency, and is appointed to the Attorney General’s Panel of Junior Counsel to the Crown. A former economist and investment banker, she is described in directories as “incredibly impressive and a…

Banking, News, Webinars & Vlogs 18 Jun, 2020

Covid-19 adds further pressure to address LIBOR transition litigation risk

Outer Temple Chambers’ Justina Stewart and Signature’s Johnny Shearman’s article on pressure on market participants to address litigation risk bedevilling LIBOR transition has been published in the FT’s Global Risk Regulator. Covid-19 has caused a dramatically increased need for credit, as well as significant uncertainty about the value of a huge range of assets.  LIBOR is the world’s most widely used interest rate benchmark.   Market behaviour, in light of Covid-19, has only served to confirm the lack of LIBOR’s representativeness.  Therefore, the FCA and the Bank of England have not changed their core message ­– firms cannot rely on LIBOR being published after the end of 2021. However, as matters stand, it remains for the market to effect the transition.…

Banking during Covid-19, Banking, Covid-19, Legal Blog & Publications 8 Jun, 2020

Chambers’ international team instructed in five appeals before the European Bank for Reconstruction & Development Administrative Tribunal

Alex Haines has recently been instructed in five appeals before the European Bank for Reconstruction & Development Administrative Tribunal (EBRDAT). The EBRDAT forms part of the grievance system of the EBRD – a multilateral development bank headquartered in London and established in 1991 to help build a new post-Cold War era in Central and Eastern Europe. The EBRDAT was set up in 2002 and is the final stage of appeal for the resolution of cases submitted by members of staff alleging the non-observance of their contracts of employment or terms of appointment, and concerning dismissals and disciplinary matters. The EBRDAT is composed of five judges, all of whom are nationals of different Member States of the EBRD. The Appeals Procedures of…

News, International 11 Jun, 2019

Alex Haines and Chloë Bell in the Court of Justice of the European Union, Luxembourg

Alex Haines, assisted by Chloë Bell has recently been instructed in a case before the EU’s General Court. The case involved the European Investment Bank based in Luxembourg. The Court of Justice of the European Union (CJEU) – the EU’s judiciary – consists of two separate courts: the General Court and the Court of Justice. The CJEU is based in Luxembourg. For more than a decade, the institutions of the EU benefited from a three-tier judicial system in institutional and employment matters: the EU Civil Service Tribunal (CST) and, thereafter, the General Court and the Court of Justice. The CST, a specialised court within the CJEU and the first of these three tiers, was established in December 2005 and ceased to exist…

News 14 May, 2019

Successful defence of Atlas Mara bank in immediate judgment application in the DIFC

H.E. Justice Ali Al Madhani today ordered a full trial of the claims and counterclaims in John Vitalo v Atlas Mara Management Services Limited [2018] CFI 018 (26 June 2018), having dismissed the claimant’s application for immediate judgment of two of his three claims. The claimant, the former CEO of the defendant bank, sued for breach of contract arising out of the termination of his employment, including for unpaid leave and a failure to index link his living allowance. The claims, if successful, will be subject to a considerable penalty under Article 18 of the DIFC Employment Law. His Excellency the Judge accepted the bank’s submissions that there was a serious issue to be tried including as to how much holiday…

News 26 Jun, 2018

Papadopoulos v Standard Chartered Bank

Deputy Chief Justice David Steel handed down the judgment of the DIFC Court in Papadopoulos v Standard Chartered Bank [CFI/004/2017] granting the Defendant Bank’s application for immediate judgment. The Claimant had sued the Bank for breach of a settlement agreement arising out of the compromise of his employment as Regional CEO of the Bank. The Claimant then sought damages for a failure to pay a bonus, it being an express term of the settlement agreement that the Bank would consider making an award. The Bank decided not to award a bonus due to the Claimant’s conduct in the relevant period. The Bank brought an immediate judgment application of the Claim, on the basis that, as a matter of construction of…

News 27 Feb, 2018

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