In UniCredit Bank GmbH v. RusChemAlliance LLC,[1] the UK Supreme Court confirmed the general common law rule that a choice of governing law for a contract as a whole will apply to an arbitration agreement within the contract, even when a different country has been chosen for the seat of the arbitration. This was important in the circumstances of the case because it meant that English – as opposed to French – law applied, which in turn gave the English courts jurisdiction to grant an injunction to restrain RusChemAlliance from litigating the dispute in Russian courts in breach of the parties’ agreement to arbitrate.
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D’Aloia v. Persons Unknown & Others: Victim of Crypto-Fraud Fails in Claim Against Crypto Exchange
In D’Aloia v. Persons Unknown & Others,[1] the High Court of England and Wales dismissed a claim brought by the victim of a crypto-scam against Bitkub, one of the exchanges with whom the fraudsters were alleged to have held their accounts.
This is the first judgment following a full contested trial on some fundamental points regarding the status and treatment of cryptocurrency and the potential liability of exchanges to victims of crypto-frauds. The lengthy judgment traverses a number of complex issues, confirming the rights attaching to tether (USDT) as a cryptoasset, as well as the application of trust and tracing principles in crypto-disputes.
Sanctions Imposed on Non-Compliant Trial Witness Statements
Fulstow & Another v. Francis[1] should serve as a reminder of the court’s willingness to sanction parties severely for failing to comply with the procedural rules relating to trial witness statements.
Hammon v. UCL: Group Litigation Order Denied in Favour of English Court’s Case Management Powers
In David Hammon and Others v. University College London[1], the High Court of Justice found that the threshold requirements for making a group litigation order (GLO) had been met but decided that the court’s general case management powers would be more appropriate to manage the claims, rather than a GLO.
The case emphasises important questions about the future of GLOs as a mechanism for group litigation in a landscape where class actions are on the rise.
Court of Appeal Provides Comfort to Lenders on Default Interest Clauses
In Houssein & Others v. London Credit Ltd & Another[1], the Court of Appeal considered the proper application of the common law rules on penalties to a default interest clause in a loan agreement. Contrary to the conclusion of the High Court, the Court of Appeal found that in light of relevant case law, the lender ‘inevitably’ had a legitimate interest in the enforcement of the obligation to repay the loan, which would justify a default interest clause.
The EU’s General Product Safety Regulation: What’s New?
Our colleagues in the Products team have posted the first in a series of the European Union’s General Product Safety Regulation: The EU’s General Product Safety Regulation: What’s New? – Productwise (cooley.com). This is a substantial update of the current regime and brings increased enforcement and class action risks.
Arbitration Bill Passes Second Reading at House of Lords
After the previous government called a general election in late May, the Arbitration Bill was left out of the set of bills that would be approved on an expedited basis. In mid-July, the King’s Speech reintroduced an updated Arbitration Bill to Parliament’s legislative agenda. The second reading of the Arbitration Bill at the House of Lords took place on 30 July 2024. On 25 July …
High Court Takes Practical Approach to Procedure in Enforcement of New York Court Judgment on Crypto Fraud
Tai Mo Shan Ltd v. Persons Unknown[1] is the latest in a series of cases in which the English courts have demonstrated their willingness to make practical procedural decisions to assist the victims of crypto fraud. In this case, the High Court of England and Wales granted the claimant permission to serve out of the jurisdiction in order to enforce a judgment of a New …
Cross-Border Considerations for Protecting Privileged Evidence
On 6 June 2024, Sascha Grimm from our London office, Teresa Michaud from our Los Angeles office and Jonas Koponen from our Brussels office hosted a webinar on Cross-Border Considerations for Protecting Privileged Evidence. The session explores how to deal with cross-jurisdictional privilege issues that arise, in particular, for organisations with multiple group companies around the world. Sascha, Teresa and Jonas walk through a hypothetical …
Cross-Border Considerations for Protecting Privileged Evidence
On 6 June 2024, Sascha Grimm from our London office, Teresa Michaud from our Los Angeles office and Jonas Koponen from our Brussels office hosted a webinar on Cross-Border Considerations for Protecting Privileged Evidence.