The appellant charterers appealed against a majority arbitration award holding that the damages payable by them to the respondent shipowners for late redelivery of a vessel under a time charterparty included the owners’ loss of profit on a subsequent fixture. The charter had been extended and towards the end of the time period the shipowners had fixed a new time charter to commence after redelivery. Notice of redelivery had been given for a period ending on 2 May 2004. The vessel was redelivered ...
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A winding-up petition was an action for the purposes of s.61 of the Solicitors Act 1974. The fact that an agreement between a firm of solicitors and their client was not referred to anywhere as a contentious business agreement was not determinative of the issue as to whether it was in fact such an agreement. If an agreement fulfilled the criteria for a contentious business agreement then it would be one, regardless of whether the parties referred to it as such.
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Clinical Negligence – Wrongful Birth. The claimant, a 40-year-old woman, received £1,200,000 for the wrongful birth of her daughter as a result of a hospital's failure to detect chromosomal abnormalities on an amniocentesis.
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Proceeds of Crime Act 2002
In the petition the allegation made against the respondents was that certain property held by them was recoverable property , and is accordingly recoverable by the petitioners. The petitioners' averments in support of that allegation were, however, the subject of detailed criticism by counsel for the third respondent; in particular he argued that the facts averred by the petitioners did not justify the inference that the property in question had been obtained through unlawful conduct ...
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Enforcement: Circular Transactions. Reinsurers and associated companies had entered into contracts whose primary purpose was to facilitate the movement of monies in order to obtain tax advantages for a client. Although the structure of the circular transactions was realistic the timing of the transactions was such that there was no real risk transfer. In another transaction reinsurers devised a treaty layer of cover where there was no prospect of any claims. As a result of the self-reporting, ...
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Enforcement: Cold Calling and TCF. The FSA imposed a penalty of £17,500 (again taking in to account a 30% discount for early settlement) in respect of breaches of Principle 3 (control and management), Principle 6 (treating customers fairly) and Principle 7 (clear, fair and not misleading communications) arising out of the company's high proportion and manner of cold-calling potential customers and its use of singular premiums.
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Enforcement: "Failed" Market Abuse. The FSA levied a fine of £20,000 in respect of the communication of material by a CSFB US equity salesman. Although the information contained was not "inside information", the manner in which it was received and then passed on revealed a failure to comply with Principles 2 and 3 for Approved Persons. The FSA considered the dissemination of such information as deliberate, but did not have a "positive" belief when communicating the information to the four clien ...
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The Claimant failed in showing that his predecessors in title had been able to use an area of hard standing throughout the requisite 20 year period and therefore the claim to a right of way by prescription failed.
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Scope of Policy. Insurers refused to indemnity an assured in respect of water damage and consequential losses in respect of a property portfolio policy. Insurers alleged that part of the claim was false and fraudulent and that there had been non-disclosure, misrepresentation and breach of warranty. At first instance the fraud defence failed. On appeal issues were limited to non-disclosure. There were two proposal forms that pre-dated the inception of the policy. One related to properties in the ...
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Enforcement: Retention of Client Premia. The FSA cancelled the relevant permission of ICM and made prohibition orders against the principals of the firm. The firm carried out credit and employment references on potential tenants on behalf of landlords and letting agencies. As part of the service offered it also acted as an insurance intermediary in respect of buildings and contents insurance and non-payment of rent and eviction of tenants. Not all premium payments were passed on to insurers and ...
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