Date: Wed, 21 Jun 2006 11:25:42 +0100

From: Robert Stevens

Subject: Economic Loss in The House of Lords

The House of Lords has decided Commissioner for Custom & Excise v Barclays Bank.

Court of Appeal unanimously overturned. Banks do not owe duties of care to those suffering economic loss because of the bank's careless failure to comply with a 'mareva' injunction. Charles and Paul Mitchell's LQR note cited as useful.

Some bland comments about the useless three stage test. Assumption of responsibility continues its rehabilitation.

Happy reading.

Robert Stevens
Barrister
University of Oxford

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