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State Manipulation of Inflation Index Triggers $3 Billion Investment Dispute

Returns paid on very many financial instruments are linked to inflation – but what happens if the relevant cost of living index is manipulated by state authorities? The Court of Appeal considered that burning issue in relation to structured notes with a face value of $3 billion. The notes had been provided by an American bank to an Argentine insurance and...

Frustration at Late Payment of Bills Boils Over into High Court Libel Trial

Late payment of bills is a constant source of irritation in the business community but legal advice should always be taken to ensure that frustration does not boil over into unlawful conduct. In one striking case, annoyance at an outstanding debt led to the circulation of a defamatory email and a full-scale High Court libel trial. Company A had employed the...

Indiscriminate Data Collection Unlawful, Rules EU

A legal challenge to UK Government legislation giving the authorities wide powers to collect and retain data has been upheld by the European Court of Justice (ECJ). The Data Retention and Investigatory Powers Act 2014, which has been widely described as a ‘snooper’s charter’, requires communications companies to retain information on their...

High Court Casts Eye over Time-Hallowed Standard Shipping Contract

Standard form shipping contracts are the lifeblood of international trade and have often been in common use for many years. However, one High Court case – in which the meaning of a single three-letter word came under close analysis – showed that even their time-hallowed provisions can be the subject of disagreement. The case concerned the charter of a...

VAT on Lapdancing Club Vouchers – Court of Appeal Ponders

People might think that the work of tax lawyers is technical and dry, but that is by no means always so. In one case, the Court of Appeal considered a VAT dispute in respect of vouchers issued to punters at lapdancing clubs. Using credit and debit cards, the vouchers were bought by customers of a number of clubs, largely towards the end of an evening when they...

Crisis Hit Bank Defeats Euros 26 Million Misrepresentation Claim

Much water has flowed under the bridge since the 2008 financial crisis but the courts are still dealing with the fall-out. One such case that raised important issues relating to disclaimer clauses involved a company that was left holding worthless bank securities with a face value of Euros 27 million. Subordinated loan notes were issued in a fund-raising effort...