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Pioneering times

24 July 2015 / Simon Duncan
Issue: 7662 / Categories: Opinion , Commercial
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Simon Duncan surveys the unusual approaches taken towards swaps mis-selling claims

Some novel approaches have been adopted in the arena of swaps mis-selling claims.

The Holmcroft properties case has been allowed to proceed, having survived the preliminary hearing in April 2015. This is an application for judicial review of the role of the independent assessors in the redress process, part of the Financial Conduct Authority (FCA) redress scheme. Could KPMG (in this case) be considered a public body and therefore be the subject of a judicial review? The bank and KPMG argued that the relationship between them was a matter of contract and that no wider public duty to act fairly arose. The court held that KPMG could potentially be considered a public body for this purpose and the matter will now proceed to a full hearing.

A claim for “Francovich damages” is being considered by another firm. This is a claim against HM Government and the FCA for failing to implement the Markets in Financial Instruments Directive properly. Essentially, the legislation is said

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MOVERS & SHAKERS

DWF—19 appointments

DWF—19 appointments

Belfast team bolstered by three senior hires and 16 further appointments

Cadwalader—Andro Atlaga

Cadwalader—Andro Atlaga

Firm strengthens leveraged finance team with London partner hire

Knights—Ella Dodgson & Rebecca Laffan

Knights—Ella Dodgson & Rebecca Laffan

Double hire marks launch of family team in Leeds

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Charles Pigott of Mills & Reeve reports on Haynes v Thomson, the first judicial application of the Supreme Court’s For Women Scotland ruling in a discrimination claim, in this week's NLJ
Charlie Mercer and Astrid Gillam of Stewarts crunch the numbers on civil fraud claims in the English courts, in this week's NLJ. New data shows civil fraud claims rising steadily since 2014, with the King’s Bench Division overtaking the Commercial Court as the forum of choice for lower-value disputes
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
Artificial intelligence may be revolutionising the law, but its misuse could wreck cases and careers, warns Clare Arthurs of Penningtons Manches Cooper in this week's NLJ
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