Richard Hanke, instructed by Freshfields Bruckhaus Deringer LLP, has successfully defended claims brought against NM Rothschild & Sons (‘NMR’) in relation to loans that it had advanced to British expatriates living in Spain, in order to fund investment purchases. The claims were brought under s.140A of the Consumer Credit Act 1974, alleging that the relationships between the claimants and NMR were unfair on a large number of grounds, including alleged negligent advice and misrepresentations. Following an 11-day trial, HHJ Waksman QC rejected all the allegations against the Bank. His decision includes a detailed analysis of the current law on s.140A and the interaction between that regime and basis clauses, an area which has not previously been considered by the courts.
Carney v NM Rothschild & Sons Limited  EWHC 958 (Comm)
For a copy of the judgment please click here.