Legal and Financial Risk Newsletter - October 2018

Legal and Financial Risk newsletter on legal developments impacting corporates and financial institutions. The October 2018 edition includes articles on recent court decisions and case reports.

Pure Economic Loss stripped away for Undisclosed Beneficiary

In the recent case of Banca Nazionale del Lavoro SPA (Respondent) v Playboy Club London Limited and Others (Appellants) [2018] UKSC 43 the Supreme Court has ruled that an undisclosed beneficiary may not claim pure economic loss against a third party. The Playboy Club argued that an Italian bank that gave a negligent reference to a company acting on the Club's behalf owed the Playboy Club a direct duty of care. The Supreme Court dismissed the Club's appeal, stating that the duty of care must be voluntarily entered into, which was clearly impossible in this scenario because the bank did not know the reference was for the Playboy Club.

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Hogan Lovells wins historic privilege appeal on behalf of ENRC

On 5 September 2018 Hogan Lovells won a landmark victory in the Court of Appeal, with a historic decision which will have lasting implications for the law of privilege in the UK. The Court of Appeal has overturned the controversial High Court decision in Director of the Serious Fraud Office v Eurasian Natural Resources Corporation Limited. Hogan Lovells was instructed to represent ENRC following the first instance decision, and successfully argued that documents prepared during an internal investigation are protected by litigation privilege.

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How entire is your entire agreement clause?

In NF Football Investments Limited v NFFC Group Holdings Limited (2018), the High Court found that an entire agreement clause excluded liability for an alleged negligent misrepresentation, despite the lack of express wording to this effect.

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No-deal Brexit: recognition and enforcement of judgments

EU Member States currently have an effective regime whereby a judgment creditor in one Member State can enforce the judgment in another Member State pursuant to the Recast Brussels Regulation. The current regime under the RBR represents one of the most comprehensive and sophisticated multilateral system of civil judicial co-operation in the world.

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Disclosure Pilot Scheme for the Business and Property Courts

A pilot scheme will come into effect from next year introducing significant changes to the disclosure regime in the Business and Property Courts. If successful, the scheme will likely form the foundations for new CPR disclosure rules and a new disclosure regime across all courts. The scheme moves away from a general reliance on Standard Disclosure, which many commentators regard as often being unfit for purpose and excessive, and provides the Courts with a wider variety and more flexible range of disclosure options.

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Regulatory Roundup

We highlight some of the key regulatory decisions over the last few months.

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