Dianne Willmore, who passed from mesothelioma in 2009, won a landmark £240,000 case, holding Knowsley Borough Council liable for her asbestos exposure during school. Her case prompted legal and financial ramifications for local authorities nationwide, leading to increased awareness and changes in asbestos-related negligence proceedings.
Shane Flynn, 35, owner of a Mullingar clinic, was convicted of sexual assault after inappropriately touching a client seeking back pain relief. The investigation also revealed 18 hours of footage showing Flynn secretly filming 35 women during massages, raising further concerns about his conduct and abuse of trust within his practice.
Naveed Rana, a Dublin taxi driver, was sentenced to five and a half years for the assault of an 18-year-old woman after a night out. The court heard how Rana took advantage of the victim’s trust, driving erratically and assaulting her before being apprehended due to her quick actions in reporting the incident to Gardaí.
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Nine major banks including Royal Bank of Scotland (RBS), HSBC and Barclays have settled a $2 billion claim brought by investors in a US court for losses caused by the rigging of foreign exchange markets. The law firm that brought the claim in New York’s southern district court said there was scope for cases to be brought outside the US.
Anthony Maton (a managing partner at a London law firm) has said:
‘There is no doubt that anyone who traded FX in or through the London or Asian markets- which transact trillions of dollars of business every day – will have suffered significant losses as a result of the actions of the banks. Compensation for these losses will require concerted action in London.”
Global banks are now facing billions of pounds of civil claims in London and Asia over the rigging of current markets, following the landmark legal settlement in New York.
Banks could see claims flood in as early as Autumn in London’s High Court from fund managers, local authorities and companies. It is expected that in other large foreign exchange markets such as Hong Kong and Singapore are similarly likely to see cases being brought by investors. It is thought that there will be more claims in London than in New York as it is a bigger foreign exchange market.
David McIlroy (a barrister at Forum Chambers) has said that a settlement in London could amount to ‘tens of billions of pounds.’ Analysts have said it would be extremely difficult to assess the financial impact on banks at this stage as there aren’t that many clear precedents.
New legislation in the UK enables collective action to be brought in respect of anti-competitive conduct will allow for more claims to be made in London. The concept of a class action is quite new in Britain and claimants need to opt in to join a case, unlike the US. Considering that the UK is a hub through which many foreign exchange transactions are processed, it is possible that overseas investors can also claim through this avenue.
At least seven other banks are being pursued in the continuing case in New York, where it is being alleged that the banks conspired to manipulate prices in the foreign exchange market since 2003.
Assessments by ratings agencies of larger banks like RBS and Barclays make reference to the continuing costs of litigation and investigation by regulators. Profitability could be held back by weak revenues as well as high litigation, conduct and restructuring costs.
Financial Times 18.08.2015 – http://www.ft.com/cms/s/0/3b19f516-44e2-11e5-af2f-4d6e0e5eda22.html
The Telegraph 18.08.2015 – http://www.telegraph.co.uk/finance/libor-scandal/11802461/Nine-banks-agree-to-pay-2bn-to-settle-forex-rigging-suit.html
The Guardian 14.07.2015 – http://www.theguardian.com/business/2015/jul/14/forex-rigging-banks-threatened-multimillion-pound-lawsuit
Shane Flynn, 35, owner of a Mullingar clinic, was convicted of sexual assault after inappropriately touching a client seeking back pain relief. The investigation also revealed 18 hours of footage showing Flynn secretly filming 35 women during massages, raising further concerns about his conduct and abuse of trust within his practice.
Naveed Rana, a Dublin taxi driver, was sentenced to five and a half years for the assault of an 18-year-old woman after a night out. The court heard how Rana took advantage of the victim’s trust, driving erratically and assaulting her before being apprehended due to her quick actions in reporting the incident to Gardaí.
Pat Murphy, a 34-year-old father, died after a ruptured artery went undiagnosed at Cork University Hospital. Despite suffering severe chest pains, he faced a nine-hour wait for a CT scan, delayed further by a malfunctioning machine. His family claims this delay contributed to his tragic death.
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