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Contract Disputes Likely to Result from Brexit
October 22, 2020, Covington Alert
Whether or not a deal is reached with the EU prior to the end of the Brexit transition period on 31 December 2020, the period leading up to 2021 and for some time afterwards is likely to be an uncertain time for many businesses in the UK and beyond. In particular, the commercial effects of Brexit may cause a previously favourable contract to become a bad bargain, or potentially impossible or illegal to perform. Businesses are also likely grappling with elements of contracts that had been carefully calibrated to EU law, which governed trade between the UK and EU for decades, but which may no longer be applicable or appropriate.
October 28, 2020, Covington Alert
In this alert, we review a welcome English High Court decision, which confirms that legal advice privilege extends to communications with foreign lawyers who provide legal advice in their capacity as in-house counsel.
October 26, 2020, Covington Alert
Recent press coverage reports that 2020 has seen a significant drop-off in enforcement activity by the UK’s financial services regulator, the Financial Conduct Authority (the “FCA”) with new enforcement cases against companies down 76 percent and a number of open cases now closed. However, this will likely be a temporary shift only as the FCA pivots to meet the ...
August 18, 2020, Covington Alert
On Friday 14 August, the Court of Appeal handed down judgment in the FX dispute CFH Clearing Limited v Merrill Lynch International [2020] EWCA Civ 1064. This appellate success, coming one year after Merrill Lynch obtained summary judgment at first instance against all CFH Clearing’s claims, was a comprehensive victory for the clear wording of standard ISDA ...