Banking and finance dispute resolution quarterly update April 2017

Of particular interest are two recent Court of Appeal decisions regarding standby letters of credit, which bring some helpful clarity and guidance to the law in this area. At the same time, the High Court has held that the doctrine of strict compliance does not apply to demand guarantees in the same way as it does to letters of credit.

In addition, there have been contrasting decisions under the old and the new Brussels Regulation, and the Court of Appeal has re-emphasised that implied terms must never be inconsistent with the express terms.

Finally, we comment on potential further corporate criminal offences designed to punish and prevent economic crime, and the recent Deferred Prosecution Agreement between the Serious Fraud Office and Rolls Royce.