Following the collapse of Lehman Brothers, the Administrators of Lehman Brothers International (Europe) (“LBIE”) – which was the European regional headquarters of the Lehman group – issued an application to determine how certain of LBIE’s assets should be distributed; namely those assets which it was holding pursuant to the FSA Client money rules (“CASS 7”)....
On 15 December 2009, the Court of Appeal (Dyson LJ, Maurice Kay LJ and Rimer LJ) dismissed an appeal by easyJet against the refusal of its claim for judicial review. easyJet’s challenge was against the level of the price cap set by the Civil Aviation Authority for airport charges levied by Gatwick Airport Limited, the airport operator, on airlines and other airport users. easyJet claimed...
The full text of the Judgment
This appeal involved a relatively narrow issue. The Supreme Court had to decide not whether the banks’ charges for unauthorised overdrafts were fair but whether the OFT could launch an investigation into whether they were fair. At present, banks provide retail banking services on the basis that customers whose accounts are kept in credit (in other words who lend money to the banks) will not be...
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