The English High Court in Monde Petroleum SA v WesternZagros Ltd [2015] EWHC 67 (Comm) recently decided whether a dispute resolution clause in a settlement agreement referring disputes to the English court superseded an...more
In Sierra Fishing Company and others v Hasan Said Farran and others [2015] EWHC 140 (Comm), the English Court removed an arbitrator under section 24 of the Arbitration Act 1996. Under that provision, a party to an arbitration...more
The practice of placing the magic words “without prejudice and subject to contract” on every exchange during commercial negotiations can be thought a “belt and braces” or “no harm, no foul” approach, but experience and a...more
As is frequently seen in international commercial contracts, parties with no operations or other relationship to England or the United Kingdom specify English law as controlling, with a clause providing for arbitration of...more
In Fern Computer Consultancy Ltd v Intergraph Cadworx & Analysis Solutions Inc [2014] EWHC 2908 (Ch) (29 August 2014), the English High Court analyzed the arguments for and against non-English forum selection and choice of...more
Verbal contracts have their place in English law -
Whether it was American movie mogul Samuel Goldwyn or the Australian/Irish politician Bryan O’Loghlen who first said, ‘A verbal contract isn’t worth the paper it’s...more
Under the English Arbitration Act 1996 the grounds on which an English arbitration award can be challenged in court are very limited. Section 67 of the Act provides that a challenge may be brought on the basis that the...more
The Bribery Act 2010 has now been in force for three years. Despite the announcements and commentary that it heralded a new and aggressive face toward corporate corruption, there have as yet been no corporate prosecutions...more
In AB v. CD [2014] EWCA Civ 229, the Court of Appeal for England and Wales addressed an issue with surprisingly little precedent. It held that a claimant seeking an injunction to prevent an alleged wrongful termination of a...more
While certainly not the norm, it is not uncommon for insurance policies issued to companies based in the United States, particularly large commercial and excess policies brokered on the London Market, to contain choice of law...more
American movie mogul Samuel Goldwyn is widely quoted as having said, ‘A verbal contract isn’t worth the paper it’s written on.’ He is also reputed to have stated, ‘I’m willing to admit that I may not always be right, but I am...more
As noted in our previous Alert in September 2013, the UK Crime and Courts Act 2013 has now come into effect this month making deferred prosecution agreements (DPAs) available to the Director of the Serious Fraud Office (SFO)...more
Although the perceived slow pace of investigations and prosecutions by the Serious Fraud Office ("SFO") has come in for a great deal of commentary and criticism, it does appear that the SFO is slowly but surely ramping up its...more
On 14 August, the Serious Fraud Office (SFO) announced that four men connected to Sustainable AgroEnergy plc have been charged with offences of conspiracy to commit fraud by false representation and conspiracy to furnish...more
Contractual representations and warranties are often grouped together, referred to in shorthand as “reps and warranties.” The differences between the two concepts are often forgotten, but the distinction is important: a...more
In London Borough of Islington v Elliot and Morris [2012] EWCA Civ 56, the Court of Appeal reviewed the principles that apply when considering the power of a court under English law to grant injunctions before damage has...more
According to a 22 July 2013 article in The Law Society Gazette, the Serious Fraud Office (SFO) is investigating only two cases relating to the Bribery Act more than two years after the law came into force. Response to a...more
Deferred prosecution agreements (DPAs), whereby a prosecution for corporate crime is suspended in return for a promise of good behaviour, a possible fine and other conditions, appear likely to be introduced next year in the...more
Under English law, an innocent party faced with a serious breach of contract by its counterparty is in a difficult position. Whilst a reasonable time is allowed to decide whether to accept the breach, or terminate the...more
The UK Government has announced a review of the Bribery Act 2010 and its intent to reduce the cost of compliance for small and medium-sized businesses. The main focus will apparently be on facilitation payments. These are...more
One of the issues that distinguishes U.S. law from English law is the concept of an implied contractual duty of good faith. While U.S. law has embraced this concept, it was believed that English law had not. However, as a...more
Financial businesses operating in the European Union will need to consider implementing stricter anti-money-laundering and anti-terrorism-financing controls or face a potential fine of up to 10 percent of their annual...more
2/13/2013
/ Anti-Money Laundering ,
Anti-Terrorism Financing ,
Banks ,
Cross-Border ,
Due Diligence ,
EU ,
European Commission ,
Financial Action Task Force ,
Financial Institutions ,
Fines ,
Foreign Banks ,
Money Laundering ,
PEP
Although 2012 did not bring a major prosecution, it was not without note-worthy events. The UK Serious Fraud Office (SFO), on top of the withdrawal of previous Bribery Act guidance and the publication of new guidelines in...more