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The rule in Hastings-Bass allowed the court to set aside decisions made by trustees if the decisions had unintended consequences, usually as to tax. This ability to remedy past mistakes was restricted by the Court of Appeal's seminal decision in Pitt v Holt,...

Turbulent economic conditions and heightened levels of media, political and regulatory interest in banks' dealings with consumers are leading investors to question and challenge the circumstances in which they were sold products to an unprecedented extent.  This...

A big money divorce case has exposed a fissure between the Judges of the Family Division of the English High Court and those who sit in the Chancery Division. The battles lines are firmly drawn: on the one side, the Family courts wish to do justice between divorcing...

The European Commission has published a proposal for a "European Account Preservation Order". This will allow courts in one EU member state to freeze a defendant's bank accounts (both cash and securities) in another EU member state pending a decision...

If a settlor of a trust retains the power to revoke the trust, judgment creditors of the settlor may be able to enforce their judgments against the assets secreted in the trust. This can be achieved by the court appointing a receiver over the settlor's power of...

The FSA's 'Dear CEO' letter addressed to firms in the wealth management industry signals a definitive turning point in its attitude towards the regulation of the sector. The letter reports on "significant" and "widespread" failings following...

The banking industry's run of success in defeating misselling claims brought by customers in the English courts continued in Bank Leumi (UK) plc v Wachner [2011] EWHC 656 (Comm). Again, the customer failed to make out the factual basis of her claim and, as a result,...

Facts usually determine the outcome of litigation. So it was with a recent claim brought against a bank. The claimant failed because it could not prove the facts upon which its claim relied, a fate that has befallen a number of similar claims against banks. In...

Boilerplate is important. The provisions lost at the end of a contract or ignored at the beginning of an information memorandum might not be subject to the same negotiation as the terms specific to the transaction, but they can be vital in defining the parties'...

Boilerplate is important. The provisions lost at the end of a contract or ignored at the beginning of an information memorandum might not be subject to the same negotiation as the terms specific to the transaction, but they can be vital in defining the parties'...