News & Analysis as of

Breach of Duty United Kingdom

A&O Shearman

Liability for misfeasant trading guidance from the latest BHS judgment

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Following the judgment of the High Court in June 2024 finding two former directors of BHS liable for (amongst other things) wrongful trading and breaches of their directors' duties to creditors in the prelude to the...more

Jones Day

Directors Take Note: English Court Awards Substantial Judgment Under New "Trading Misfeasance" Law

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The £150 million judgment makes clear the full impact of the trading misfeasance offence for directors....more

Mayer Brown

UK Supreme Court Clarifies Basis of ‘Knowing Receipt’ Claims Arising From Breach of Fiduciary Duty

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"The law on 'knowing receipt' has perplexed judges and academics alike for several decades" – Lord Burrows (paragraph 99). In a decision with significant implications for claims involving fraud and breach of fiduciary duty...more

Proskauer - The Capital Commitment

ESG in 2024: Traps for the Unwary

ESG continues to be a hot topic for 2024 for investors and regulators alike. The specific concerns investors and regulators have – and what they expect to develop over the coming months – differ, however, across...more

A&O Shearman

Former Chief Executive of bank fined for failing to take “reasonable steps”

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The UK Prudential Regulation Authority (PRA) has fined the former CEO of Wyelands Bank GBP118,808 for various regulatory breaches, including that he failed to take reasonable steps to ensure the business for which he was...more

Orrick, Herrington & Sutcliffe LLP

Startups in the UK: Navigating the Next Phase of Growth

In the second article of a two-part series, Jamie Moore, Kristy Hart, Kelly Hagedorn, Scott Morrison, Cameron Carr, Emma Cameron, Anna O’Kelly and Hanna Hewitt of Orrick explain the key issues and complexities that UK...more

Jones Day

High Court Dismisses ClientEarth's Application to Initiate Proceedings Against Shell's Directors

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Introduction - On July 24, 2023, the High Court dismissed ClientEarth's application for permission to bring a shareholder derivative claim against Shell's directors (the "Board") for breach of directors' duties under the...more

Hogan Lovells

When push comes to shove - UK Supreme Court issues definitive guidance on banks' Quincecare duties

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The UK Supreme Court in Philipp (Respondent) v Barclays Bank UK Plc (Appellant) [2023] UKSC 25 has confirmed that the so-called "Quincecare duty" – a duty on a bank to refrain from executing a payment instruction from its...more

Latham & Watkins LLP

UK Supreme Court Clarifies the Scope of the Quincecare Duty

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The Court held that banks do not owe this duty to customers deceived into instructing their banks to transfer money to fraudsters. On 12 July 2023, the UK Supreme Court handed down its highly anticipated judgment in...more

Dechert LLP

UK Judgment Highlights Risks of Seeking to “Short Circuit” Hedge Fund Payment Structures

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On 25 April 2023, the English Court of Appeal reversed a decision of the High Court that found three senior former employees of an investment adviser to an investment fund liable for dishonest assistance (amongst other...more

Cooley LLP

A Taxing Question: Just When Does a Duty of Care Arise?

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The decision of the Court of Appeal in the closely watched case of David McClean & Ors v. Andrew Thornhill KC helpfully rearticulates the established principles governing when a duty of care may arise and the scope of such a...more

Conyers

Make No Mistake: Examining the Hastings-Bass Rule on Fiduciaries’ Mistakes Under Cayman Islands Law

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The Cayman Islands reformed its trust laws to provide a statutory mechanism by which flawed decisions of trustees and other fiduciaries can be set aside on application to the court. The codification of the Hastings‑Bass rule...more

A&O Shearman

The last word on good faith?

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Last autumn, the Court of Appeal held that actions taken by majority shareholders of a company, asking directors to resign, were not unfairly prejudicial to the minority shareholders. In doing so, the court made some...more

BCLP

Renewable Energy Case Update 2022

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As we enter 2023, we reflect on 2022 as another dynamic year in the renewables and clean energy market. The Renewables and Clean Energy team at BCLP has undertaken a review of judicial decisions reported in 2022 involving the...more

Proskauer - Minding Your Business

A New Gateway Opens – More English Court Options for Victims of Overseas Fraud

Recent rule changes allow claimants full access to key English law mechanisms to discover the identity of defendants and location of assets, even where the wrongdoers and third parties are not based in England. This is highly...more

Conyers

Directors’ Duties on the Precipice of Insolvency: Brief Overview of BTI 2014 LLC v Sequana SA

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The United Kingdom Supreme Court (the “UKSC”) recently delivered its eagerly anticipated judgment in BTI 2014 LLC v Sequana SA and others [2022 UKSC 25] (“Sequana”). The reasoning in Sequana will be highly persuasive in the...more

Conyers

BVI Directors’ Duties And Insolvency: The Impact of the Sequana Case

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On 5 October 2022 the UK Supreme Court (UKSC) handed down its “momentous” decision in BTI 2014 LLC v Sequana SA and others1. The case addresses issues of ‘‘considerable practical importance to the management of companies’’,...more

Dechert LLP

Dechert Cyber Bits - Issue 21

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US Federal Appellate Court Issues Opinion on Proof of Injury in Data Breach Cases - On September 2, 2022, the U.S. Court of Appeals for the Third Circuit reinstated a class action lawsuit that had previously been dismissed...more

BCLP

When appealing a contempt order will be an abuse of process

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Our insight into a recent judgment of the Court of Appeal: the judgment provides valuable analysis from the Court of Appeal as to the legal principles and the policy considerations around what constitutes an abuse of process...more

A&O Shearman

English Court of Appeal Clarifies Threshold for Raising ‘Off-Setting’ Defences in Competition and Other Breach of Duty Claims

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The recent decision of the English Court of Appeal in NTN Corporation v. Stellantis concerned an appeal against a successful application to strike out an off-setting defence to a competition damages claim. It is an important...more

Cooley LLP

Fair Presentation, Moral Hazard and Material Circumstances

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In the recent decision in Berkshire Assets (West London) Ltd v AXA Insurance UK Plc [2021] EWHC 2689 (Comm), Lionel Persey QC, sitting as a Judge of the High Court, gave the first English decision on the insured’s duty of...more

K&L Gates LLP

Breach of Duty of Fair Presentation under the Insurance Act 2015 - Court Finds Insurer was Entitled to Avoid Policy

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Introduction - In Berkshire Assets (West London) Limited v Axa Insurance UK Plc [2021] EWHC 2689 (Comm) the insured failed to disclose to the insurers of its Construction All Risks and Business Interruption policy that one of...more

Proskauer on Privacy

English High Court Clarifies Appropriate Causes of Action in Data Claim Where Defendant Was a Victim of Third-Party Cyber-Attack

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In the recent and significant Warren v DSG Retail Ltd [2021] EWHC 2168 (QB) decision the High Court in England clarified the limited circumstances in which claims for breach of confidence, misuse of private information and...more

Goodwin

Litigation Insights - July 2021

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FOREWORD - On behalf of the new and expanding Goodwin London litigation team I am delighted to welcome you to our first ever ‘Litigation Insights’: a series of quarterly updates on important and interesting developments...more

Hogan Lovells

Landlords win victory in latest CVA challenge case

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In the latest High Court decision relating to Company Voluntary Arrangements in the UK, the judge held that the Regis hairdressing group CVA should be revoked on the basis that it favoured shareholders at the expense of...more

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