European Finance Litigation Review — February 2014: litigation concerning banks’ disclosure requirements and more
By Brechje Van der Velden
This quarterly edition of the European Finance Litigation Review contains coverage of the most interesting cases and developments from across Allen & Overy’s European network. Litigation concerning banks’ disclosure requirements during the sale of various financial instruments is a prominent theme.
In January, the Italian Supreme Court ruled in favour of two banks in a long-running dispute concerning the enforceability of swaps entered into within the province of Pisa. Various appeal courts in Germany have applied the German Federal Supreme Court ruling on swaps differently, leading to uncertainty around how certain information concerning banks’ charges and risk needs to be disclosed.
The Paris Court of Appeal has given a controversial ruling concerning the disclosure of margin in hedging contracts. In the Netherlands, case law is divided on the consequences of the lack of transparency of unit-linked insurances policies, making these policies a hot topic for litigation. What is clear is that disclosure by banks and insurers of certain aspects of financial instruments remains a fluid area that needs to be monitored closely…
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