Agrégateur de flux

Welcome to this end of 2018.

Thank you Kate Wilford for flagging [2016] EWHC 3161 (Ch) The RBS Rights issue litigation. The litigation concerns a rights issue of shares in the Royal Bank of Scotland (“RBS”) which was taken up in 2008. By the various actions, shareholders in RBS seek to invoke statutory remedies against RBS under the Financial Services and Markets Act 2000 (“FSMA”) whereby to recover substantial investment losses incurred further to the collapse of RBS shares. The prospectus for the Rights Issue was argued not be to accurate or complete.

The case at issue was held December 2016 but has only now come to my attention. Of note to this blog is one of the three issues that were sub judice: whether RBS is entitled to rely on the federal law of the USA as the law applicable to the particular issue, and if so, whether under that law the claim of privilege is maintainable: Hildyard J referred to this as “the Applicable Law Point”. It is discussed under 129 ff.

As Kate notes, the issue was concerned with the availability of legal advice privilege over records of interviews conducted by US lawyers in a fact-gathering investigation. RBS contended that the English court should have applied US privilege rules, which would have afforded the interview records a much broader degree of protection against disclosure.

I reviewed privilege and applicable law in my post on  People of State of New York v. PriceWaterhouseCoopers, albeit that in that case the toss-up was between different States’ law, not federal law. Hildyard J discusses the English 1859 authority Lawrence v Campbell: lex fori applies. Particular attention is paid to the in my view rather convincing arguments of Adam Johnson (who has since taken silk) as to why this 1859 authority should no longer hold, see 145-147.  Yet his arguments were all rejected, fairly summarily. RBS’ lawyers proposed an alternative rule (at 137): “Save where to do so would be contrary to English public policy, the English court should apply the law of the jurisdiction with which the engagement or instructions, pursuant to which the documents came into existence or the communications arose, are most closely connected.”

Rome I or II did not feature at all in the analysis – wrongly I believe for there could have been some useful clues there and at any rate the applicable law rules of the Regulations certainly apply to the litigation at issue and should have been considered.

Now, there seems to have been consensus that the case was Supreme Court material – however RBS did not pursue the point. We’ll have to wait therefore until another suitable case comes along which I imagine should not be too long in the making.

Geert.

(Handbook of) European Private International Law, 2nd ed. 2016, Chapter 1.

Pour la toute première fois, est confiée à la grande chambre de la Cour européenne des droits de l’homme, l’application d’une procédure en manquement en raison de la non-exécution d’un arrêt rendu par la Cour en 2014 contre l’Azerbaïdjan.

en lire plus

A quick reminder regarding the third International Association of Procedural Law (IAPL) – Max Planck Institute Luxembourg Summer-School, which will take place in Luxembourg from the 1st to the 4th of July 2018, on the topic of “Privatizing Dispute Resolution and its Limits”.

The School is mainly addressed to post-doc students at the beginning of their academic career; however PhD candidates may be admitted in case their dissertation is already at an advanced stage, and provided the applicant shows a degree of academic maturity guaranteeing that his/her attendance to the school will be fruitful both for him/her and the School itself.

The selection process entails a two-stage process, based on the written materials submitted by the applicants. A pre-selection is made within the MPI among the applications correctly completed and received in due time on the basis of the candidate’s CV, his/her topic of research and his/her explanation of it (interest, methodological approach, novelty). The final decision lies with the MPI and the IAPL Presidium.

Applicants are requested to apply via the website platform set up to this effect. The application form therein provided for must be filled in with the following information:

An application form therein provided for must be filled up and the following documents upload:

• A short curriculum vitae indicating the nationality of the candidate, age and home institution; PhD topic, date and place of submission, degree awarded, members of the jury/commission; recent publications; grants and awards; stays abroad; current position
• A short description of the project of research to be discussed at the School (no more than 1000 words)
• A letter of recommendation from a renowned Law Professor or Practitioner

Up to 20 places will be available for applicants having procedural law and/or dispute resolution mechanisms as their main field of academic interest. All nationalities are welcome to apply. A good level of English, both orally and in writing, is nevertheless of the essence.

Please follow this link for the online application. Deadline: January 29, 2018.