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Contact

Contact with chambers should be made through the Practice Management Team. They are happy to discuss client requirements and provide further information on such matters as the expertise and experience of individual members, fees, working practices and languages spoken. We have members able to work in French, German, Italian, Spanish, Dutch, Swedish, Greek and Chinese (Mandarin).

Outside working hours, a member of our team is always available to be contacted on matters of an urgent nature. Contact should be made using the Chambers main number or email.

To contact our Singapore office, please contact our BD Director, Asia, Rachel Foxton. Out of office hours calls will automatically be diverted to our clerking team in London.

London

20 Essex Street
London
WC2R 3AL

enquiries@twentyessex.com
t: +44 20 7842 1200
DX 0009 Lond/Chan Lane

Singapore

28 Maxwell Road
#02-03
Maxwell Chambers Suites
Singapore 069120

singapore@twentyessex.com
t: +65 62257230

Contact

Contact with chambers should be made through the Practice Management Team. They are happy to discuss client requirements and provide further information on such matters as the expertise and experience of individual members, fees, working practices and languages spoken. We have members able to work in French, German, Italian, Spanish, Dutch, Swedish, Greek and Chinese (Mandarin).

Outside working hours, a member of our team is always available to be contacted on matters of an urgent nature. Contact should be made using the Chambers main number or email.

To contact our Singapore office, please contact our BD Director, Asia, Rachel Foxton. Out of office hours calls will automatically be diverted to our clerking team in London.

London

20 Essex Street
London
WC2R 3AL

enquiries@twentyessex.com
t: +44 20 7842 1200
DX 0009 Lond/Chan Lane

Singapore

28 Maxwell Road
#02-03
Maxwell Chambers Suites
Singapore 069120

singapore@twentyessex.com
t: +65 62257230

05/06/2020

A life raft for financial institutions in the sea of vicarious liability for rogue traders

Andrew Dinsmore has published an article with Sir Richard Aikens in the Journal of International Banking and Financial Law entitled “A life raft for financial institutions in the sea of vicarious liability for rogue traders” (2020) 6 JIBFL 374.

This article considers two key cases in the development of vicarious liability and attribution:

  • Various Claimants v Wm Morrisons Supermarket Plc [2020] UKSC 12, [2020] 2 WLR 941
  • Barclays Bank v Various Claimants [2020] UKSC 13, [2020] 2 WLR 960

These decisions mark a sharp change in direction in the law of vicarious liability giving renewed significance to the case law on a “frolic of one’s own. The authors conclude that financial institutions have a life raft in a sea of vicarious liability for the actions of a rogue trader in an unlawful means conspiracy and deceit.

The article also concludes that this change is complemented by a recent Supreme Court judgment in Singularis Holdings Ltd (In Liquidation) v Daiwa Capital Markets Europe Ltd [2019] UKSC 50. In this case, the court declined to attribute to the company the dishonest mental state of that company’s president, who was also chairman, treasurer, a director and the sole shareholder.

Andrew has a busy fraud practice and his recent fraud instructions include E,D & F Man Capital Markets Limited v Come Harvest Limited & others [2019] EWHC 1661 (Comm), [2019] EWCA Civ 2073 (led by David Lewis QC) which concerned a jurisdiction challenge in the context of a US$284m fraud and is now proceeding to trial. He is also acting as sole counsel in a £3.5m yacht fraud dispute and a six-figure fraud in relation to a truffle tree investment scheme in Spain.

The article was first published by the Journal of International Banking and Financial Law on 1/06/2020.

Read the full article

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Andrew Dinsmore
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