Burns v Financial Conduct Authority

Financial services Financial Services Authority (FSA). The appellant, a non-executive director, had breached the duties which she had owed as a director to two UK mutual societies and the procedure adopted by the Upper Tribunal in coming to that conclusion had been fair. Nevertheless, the Court of Appeal Civil Division further held that the appellant was entitled to a substantial sum for her costs on the basis that the respondent, Financial Conduct Authority, had acted unreasonably in introducing an allegation of corrupt payment.

Robeco Hollands Bezit NV and others v Stichting Autoriteit Financiële Markten

European Union Finance. Article4(1)(14) of should be interpreted as meaning that the concept of a 'regulated market' within the meaning of that provision covered a trading system in which multiple fund agents and brokers represented, respectively, 'open end' investment funds and investors, the sole purpose of which was to facilitate those investment funds in their obligation to execute the purchase and selling orders for shares placed by those investors. The Court of Justice of the European Union so held in proceedings concerning the imposition of charges on the applicant companies for costs incurred by the Netherlands Financial Markets Authority in performing its supervisory duties.

*The Joint Administrators of LB Holdings Intermediate 2 Ltd v The Joint Administrators of Lehman Brothers International (Europe) and others; The Joint Administrators of Lehman Brothers Ltd v Lehman Brothers International (Europe) (in administration) and others; Lehman Brothers Holdings Inc v The Joint Administrators of Lehman Brothers International (Europe) and others

Insolvency issues decided arising out of collapse of Lehman Brothers group of companies . The Supreme Court decided a number of points of insolvency law, which arose out of the collapse of the Lehman Brothers group of companies in 2008, including that, both statutory interest and non-provable liabilities ranked over subordinated debt in the distribution priorities of an insolvency.

*Asset Land Investment plc and another v Financial Conduct Authority

Financial services Financial Conduct Authority. The Supreme Court, in dismissing the appellants' appeal, held that arrangements made by the first appellant company, which was controlled by the second appellant, to enable members of the public to invest in land, amounted to collective investment schemes within the meaning of of the Financial Services and Markets Act 2000 and, thus, 'regulated activities' for the purpose of s 19 of the Act.

Sinues v Caixabank SA and another

European Union Consumer protection. The Court of Justice of the European Union gave a preliminary ruling concerning the interpretation of of Council Directive (EEC) 93-13. The requests had been made in proceedings between, in one case, Mr Sales Sinus and Caixabank SA and, in the other, Mr Drame Ba and Catalunya Caixa SA, both relating to the annulment of contractual terms in mortgage loan agreements.

Safe Interenvios SA v Liberbank SA and other companies

European Union Directives. The Court of Justice of the European Union gave a preliminary ruling concerning the interpretation of art 11(1), read in conjunction with , and , of Directive (EC) 2005-60, as amended by . The request had been made in proceedings between Safe Interenvos SA (Safe), a payment institution, and three credit institutions, concerning the closure by those credit institutions of the accounts held by Safe because they had suspected money laundering.

Vogt v Financial Conduct Authority

Financial services Financial Conduct Authority (FCA). On a reference by the applicant to the Upper Tribunal (Tax and Chancery Chamber) (the tribunal) regarding the identification of the applicant in a Decision Notice for the purposes of of the Financial Services and Markets Act 2000, the tribunal dismissed the reference having decided that the applicant had failed to prove that any of the words used in the Final Notice by the Financial Conduct Authority were such as would reasonably in the circumstances lead persons professionally associated with the applicant to believe that he was a person prejudicially affected by matters stated in any of the reasons contained in that notice.

DVB Bank SE and others v Shere Shipping Company Ltd and others

Practice Pre-trial or post-judgment relief. The claimants loaned money to the defendants. When the defendants defaulted the claimants brought an action seeking repayment of the money. They applied for summary judgment. The Commercial Court granted the application as the borrowers and guarantors had no prospect of success at trial and therefore there had to be summary judgment for DVB and Melli Bank against the borrowers under the loan agreement and for DVB against the guarantors under the guarantees.

*Joint Administrators of Heritable Bank plc v The Winding-Up Board of Landsbanki Islands hf

Conflict of laws Jurisdiction. Having considered the Credit Institutions (Reorganisation and Winding Up) Regulations 2004, SI2004-1045 in accordance with Council Directive (EC)2001-24 (on the reorganisation and winding up of credit institutions), the Supreme Court dismissed the appeal by the Winding-Up Board of Landsbanki Islands hf against the decision of the First Division (Scotland) concerning claims submitted by Landsbanki Islands hf, a credit institution incorporated under Icelandic law, in the administration of its wholly-owned subsidiary, Heritable Bank plc, a credit institution incorporated under the with its registered office in Scotland.

*Emptage v Financial Services Compensation Scheme Ltd

Financial services Financial Services Authority (FSA). The Administrative Court allowed an application for judicial review by a mortgagee who had received negligent financial advice. It found that the Financial Services Compensation Scheme had misdirected itself and acted irrationally in awarding only 11,522.98 by way of compensation for her losses.