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Richard Lissack QC and Nicholas Medcroft win in Shah v HSBC

The judgment in Shah v HSBC Private Bank is now out. After three interlocutory appeals in the Court of Appeal in which the Bank largely succeeded, they have now succeeded completely at trial.

Richard Lissack QC and Nicholas Medcroft acted as Leading and Junior Counsel for the Bank.

The Claimants put their claims for in excess of $300,000,000 on two bases: first, that the Bank was in breach of contract in failing to process their payment instructions; second, that the Bank was in breach of contract in failing to provide them with information as to the facts that had caused it to fail to effect the first and second transactions, documentary evidence of the same, the name of the authority to which the Claimants had been reported and any reference numbers and dates of reports. They lost both arguments.

In a judgment that spans 100 pages, the Court rules definitively for the first time on a range of issues that are central to banking practice and the activities of anyone concerned with money laundering and operating in the regulated sector.

News 15 May, 2012

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