Heavyweight and update guides to banking and insolvency law April 2006

United Kingdom
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In this month’s editions of the The heavyweight (comprehensive coverage of banking and insolvency law April 2006) and the The update (your need-to-know guide to banking and insolvency law April 2006) you will find:

  • Reference to the Court of Appeal decision in Peekay v ANZ. It overturns the decision at first instance.  Now, the investor in structured finance products is unable to claim damages for alleged misrepresentation by the Bank.  He had failed to read the terms and conditions provided and they had set out the true nature of the transaction accurately.  Nonetheless, banks may heed the warning this case gives to make sure their staff understand thoroughly the nature of the products they are selling.  The investor in Peekay was highly sophisticated which counted against him: next time, a bank may not be so lucky. (Heavyweight: p. 6)
  • A list of the most important banking and related developments in 2005; a copy of the significant underlying article by Andrew McKnight can be provided on request. (Update: p. 4, Heavyweight: p. 22)
  • A handful of cases on mortgages: on duty on sale, recovering costs, misrepresentation and undue influence.(Update: p. 11)
  • A short summary of the possible changes to the Financial Collateral Arrangements Regulations (Update: p. 13, Heavyweight: p. 37)
  •  Reference to the LMA paper on handling non-public information, which is useful for anyone dealing with issues of confidentiality or price –sensitive information. (Update: p. 11, Heavyweight: p. 38)