A 68-year-old American woman who suffered a home re-possession, Annie Bell Adams, has launched a class-action lawsuit in New York against 12 banks, including Barclays, Lloyds, Bank of America and RBS, according to The Daily Mail.
Adams, along with four other complainants, claims the banks manipulated the London Inter-Bank Offered Rate (LIBOR) in such a way that her mortgage (which was directly linked to the rate) was far more expensive than it should have been.
Chelsea FC owner Roman Abramovich has successfully defended the £3bn claim made against him by fellow Russian businessman Boris Berezovsky, according to BBC news.
Mr Berezovsky claimed he was a business partner of Abramovich and that the Chelsea owner had betrayed him and breached a contract.
Paddy Power has instructed the UK law firm Charles Russell to seek a court order allowing an advertising campaign to continue, according to Marketing Magazine and The Guardian.
The London Organising Committee of the Olympic Games (Locog) instructed French billboard operator JCDecaux to remove advertising that promotes Paddy Power’s support of an egg and spoon race in the French town of London.
Around 300 uniformed officers are to begin touring the country today in order to enforce Olympic marketing deals, according to The Independent.
The officials will be checking companies to make sure they aren’t illegally associating themselves with the Olympics or “ambush marketing”.
Virgin Media has become the first Internet Service Provider (ISP) to block its customers from access to the Swedish file-sharing website, The Pirate Bay.
The media company is complying with an order granted by the High Court this week. Other providers named by the judge, including TalkTalk, Sky, Everything Everywhere and O2, are expected to take the same action in the near future.
There has been a recent escalation of the generally negative response from the aviation industry to the extension of the European Union’s Emissions Trading Scheme (ETS). This means that all airlines flying to or from Europe after January 2012 must buy carbon permits to offset their carbon emissions.
However, non-European governments are unappreciative of the fact that airlines will be charged to cover an entire flight. They argue that charges should be applied only for the time their aircraft occupy European airspace. (more…)
A 17-year-old girl in Devon may be Britain’s youngest shop owner after she saved up money from her part-time job and bought a gift shop.
Lucie Balchin has left her A-levels to become the owner of the Crazy Cow Gift Shop. Although Lucie is not old enough to buy the property legally she has used her mother’s bank account to complete the transaction. However, Lucie will be the one looking after and running the shop. (more…)
Large bonuses paid to executives of loss-making banks are headline news in the UK. The public is up in arms because banks are seen as the most blameworthy institutions in the current financial crisis, while the press regularly reports that banking executives are ‘paying themselves’ large bonuses, despite banking job cuts and a continuing decline in profits.
This week, it is the turn of HSBC to brave public opprobrium, with chief executive Stuart Gulliver pocketing £7.2 million in basic pay and bonuses. However, his bonuses (potentially totalling up to 100% of his salary) were capped at 50% by the HSBC board pay committee, since the bank failed to meet several of its yearly targets, such as return on equity, cost efficiency and compliance. (more…)
Last week a judge at the high court made the rare decision to use the social networking site Facebook to serve a claim. Lower courts have previously resorted to the use of social networking sites to serve suits but such methods have thus far not been resorted to by the higher courts.
British courts may be picking up on a trend that has already started in other parts of the world. Indeed, courts in Australia and New Zealand are known for using social networking sites to serve claims. (more…)
Despite the harsh economic climate the area of commercial law is thriving and specialist solicitors are in high demand. The nation’s capital is seeing an increasing number of commercial cases settled before the national judiciary.
A clear majority of the commercial law disputes settled in London have an international connection. As such, the city is now being referred to as the international capital for commercial law dispute resolution. (more…)