Sian Harrison, Press Association
Published:
12:24 PM February 24, 2021
Newham was one of eight councils trying to take Barclays Bank to court
- Credit: Steve Poston
Newham and seven other councils which brought legal action against Barclays Bank over loans they alleged were affected by the Libor rigging scandal have had their claims thrown out by a High Court judge.
The local authorities launched the action in 2018 in a bid to cancel long term loans they took out with the bank between September 2006 and November 2008.
They said the loans were tainted by a number of alleged representations said to have been made by the bank concerning Libor - the London Interbank Offered Rate - at the time the loans were offered.
It has become something of a truism for English M&A lawyers to say that material adverse change (MAC) clauses are rarely triggered in practice. A recent English judgment in Travelport.
English High Court Weighs in on MAC Clause natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.
Supreme Court grants Guaidó Board permission to appeal in Venezuela Gold dispute
Venezuela
December 14 2020
On 9 December 2020, the Supreme Court granted permission to appeal to the “Guaidó Board” of the Central Bank of Venezuela (the “BCV”) against the judgment of the Court of Appeal in the
Venezuelan Gold dispute. The rival “Guaidó Board” and “Maduro Board” of the BCV are vying for control of the BCV’s assets in London, including nearly US$ 2 billion of gold bullion stored at the Bank of England.
At first instance, and following a trial of preliminary issues of Recognition and Justiciability, Mr Justice Teare held that Her Majesty’s Government (“HMG”) had since 4 February 2019 recognised Juan Guaidó as the constitutional interim President of Venezuela, necessarily to the exclusion of Nicolás Maduro. Teare J also held that interim President Guaidó’s appointment of the Guaidó Board and of a Special Attorney General were acts of the Venezuelan st