No one will argue that authorised push payment fraud victims don't deserve justice, but which parties are liable for making it right? In the United Kingdom, many cases have passed through the courts, setting precedents for handling such incidents, with ramifications for banks, third parties and victims at both ends of these transactions.
The Quincecare duty has become a popular tool for companies (or their liquidators) to claim against banks for funds misappropriated on wrongful payment instructions. It requires a bank.
This article reviews the key principles and considerations surrounding breach of commercial contracts in United Kingdom (England & Wales), including the elements of successful claims and available defences.
UK - High Court Dismisses Quincecare Duty Claim Giving Guidance On The Scope And Nature Of The Duty . Legal News and Analysis - United Kingdom - Banking & Finance, Dispute Resolution -
Stephenson Harwood considers the current scope of the Quincecare duty and some of the practical issues of which banks need to be aware following the latest