Allen & Overy LLP
George Allen and Thomas Overy founded Allen & Overy in London in 1930. It first made its name thanks to work done on behalf of King Edward VIII during his abdication of the British throne in 1936. Since then it has grown from 12 staff on Finch Lane in London to 4,800 worldwide, winning Law Firm of the Year in the Legal Business Awards 2003.Show more
Banking & Financial Services
The High Court recently granted a freezing order over £1.5 million worth of bitcoin and ethereum cryptocurrency against a trading platform and its directors in only the second known example of the court treating cryptocurrency as property. This decision will provide further reassurance of the English courts' willingness to deal with cryptocurrency as property.
The High Court recently used interpretation rather than rectification to fix an unhappily drafted loan agreement for "Seven Million Five Hundred Pounds [sic] (£7,500,000) to be drawn down in Euros". The dispute concerned whether the amount owed was in sterling or euros.
A first-instance court recently considered the extent to which a bank's duty of care owed to its customers, co-existing in contract and tort, requires the bank to make inquiries of suspicious transactions in their bank accounts. The court found in favour of the bank on the basis of expiry of the relevant limitation period. This article focuses on the court's discussion, by way of obiter, of the bank's duty of care owed to its customers where suspicious transactions occur.
Redressing the balance: banks owe no contractual duty to customers in respect of regulator-mandated reviewsUnited Kingdom | 19 October 2018
A recent decision gave Court of Appeal endorsement to a raft of similar first-instance decisions regarding banks' contractual duties to customers in respect of regulator-mandated reviews. The decision provides helpful comfort for banks when agreeing remedial action with the Financial Conduct Authority that they ought not to be exposing themselves to private actions from customers in respect of their review, provided that third-party rights are excluded.