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There has been a further case in the last few months which has looked at the rights of partners of limited partnerships. Whilst this case does not create ground breaking law, it does help us to clarify and understand certain matters relating to the rights of limited partners. In the case of Certain Limited Partners in Henderson PFI Secondary Fund II LLP (firm) v Henderson PFI Secondary Fund II LP (a firm) and others, the High Court held that limited partners in a limited partnership had the right to pursue a derivative action against the third party investment manager who had been delegated the task of investment management by the general partner of the limited partnership. Read more
In order to encourage more employee owned businesses, which evidence suggests are more resilient in tough economic times, the Government is proposing changes to the company law share buy back rules. These changes are intended to remove or reduce some of the barriers and disincentives to companies in allowing their employees to have direct share ownership. Read more
In the recent case of MRI Trading AG v Erdenet Mining Corp LLC [2013] EWCA Civ 156 , the Court of Appeal held that an agreement to agree was enforceable when the terms of the contract were sufficiently certain, part of the contract had been performed and there were clear intentions to create a binding contract. Read more
For almost 60 years the court has been asked to consider what happens to money already paid by way of instalments in relation to a contract if the contract is rescinded and the seller retains the property which is the subject matter of the contract? Read more
The Court of Appeal has ordered HSBC to pay £180,000 compensation to Mr Rubenstein for negligently advising him on how best to invest the proceeds of sale of his house. In this customer friendly decision the court overruled the first instance judge who ruled that his loss was not foreseeable and too remote. Read more
The case, E-Nik Ltd v Department for Communities and Local Government, involved a “take or pay” clause, which the court decided could potentially be a penalty clause. Read more
The Government has announced plans to reform “TUPE” – the Transfer of Undertakings (Protection of Employment) Regulations 2006. This article considers the implications of the proposed changes for anyone involved in negotiating business transfers and in particular the terms in relation to employees in asset purchase and business transfer agreements. Read more
In a recent battle in the High Court over contractual interpretation of a share purchase agreement, Mann J has held that the express warranties in that agreement were, in fact, just warranties and not representations. The buyer lost its claim for misrepresentation, which would have given it a higher level of damages. Read more
Victory for the banks in the first swaps mis-selling case was short-lived. Last week the FSA reported back on pilot cases examined under its redress scheme. More than 90% of sales were made in breach of FSA rules. Compensation is expected to be significant, with the four biggest banks having already made provision totalling £700m between them. Read more
This is the abridged version of "Mis-selling of financial products: a win for the banks", and you can read the full article in knowledge. Green and Rowley v RBS is the first reported case examining allegations of mis-selling of an interest rate swap. Although the claim failed, the decision should not deter other would-be claimants, particularly since it turned almost entirely on its facts. Read more
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