Related insights: Banking and Financial Litigation

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UK Supreme Court clarifies the rule of "reflective loss"

28 Jul 2020
The UK's Supreme Court ("UKSC") has handed down its judgment following the hearing of the appeal in the case of Sevilleja v Marex Financial Limited [2020] UKSC 31 ("Marex"). The appeal was against the decision of the Court of Appeal to find that the rule of reflective loss applied to 90% of Marex's claim, which was brought in its capacity as a creditor.

Vicarious liability in financial loss claims: key cases in 2019 and what to expect in 2020

10 Jan 2020
In 2019 the Courts were required to consider, on appeal from strike-out/summary judgment decisions, vicarious liability (and related issues) in connection with financial advisers and lenders. In the very recent decision in Barness & Ors v Ingenious Media Ltd & Ors, the Court was required to consider whether the claims against the two lender defendants alleging breach of contract, negligence and vicarious liability in connection with a film finance scheme should be struck out. The separate case of Frederick v Positive Solutions (Financial Services) Ltd, in which the Supreme Court heard an appeal in February 2019 against the Court of Appeal's 2018 decision upholding the summary judgment in favour of Positive Solutions, turned on the issue of whether Positive Solutions was vicariously liable for the fraudulent acts of an agent.