Stephenson Harwood LLP - Finance litigation update - July 2021

1 In this issue: Welcome to our latest finance litigation update, in which we summarise some of the most significant cases and other developments relevant to banks and other financial institutions over the last six months or so, as follows: Secret commissions: no fiduciary duty required to find liability (Wood v Commercial First) 2 Unpacking the EU Sanctions Blocking Regulation: Bank Melli v Telekom Deutschland 4 Asymmetric jurisdiction clauses & the Hague Choice of Court Convention: time to shape up? (Etihad Airways v Flöther) 7 The Quincecare duty: what do banks need to know? 10 Misrepresentation requires ‘active appreciation’— assumption is not enough (Leeds City Council and others v Barclays) 13 Knowing receipt: not what you know but what you receive 15 Unknown knowns, Norwich Pharmacal Orders & banks’ duties to their customers 17 Marex: Where next for the rule against reflective loss? 20 Financial mis-selling claims: Fine Care v Natwest Markets Plc 24 Enforcement of EU judgments post Brexit: an exclusivity conundrum 27 Travelport v WEX: what constitutes a material adverse effect? 30 Please click here to view all of our articles on our finance litigation hub, where you can also register to receive updates. Finance Litigation Update – July 2021