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ARTICLE · 05 OCTOBER 2018

Finance Litigation: The Latest Cases And Issues – September 2018

Gowling WLG
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Gowling WLG's finance litigation experts bring you the latest on the cases and issues affecting the lending industry.

United KingdomFinance and Banking
Ian Weatherall
Ian Weatherall
Turon Miah
Turon Miah
Jane Bates
Jane Bates
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Gowling WLG's finance litigation experts bring you the latest on the cases and issues affecting the lending industry.

No duty of care owed for negligent bank reference to undisclosed principal

The Supreme Court has held that a bank which negligently provided a favourable credit reference for one of its customers did not owe a duty of care to an undisclosed principal who acted on that reference.

In Playboy Club London Ltd & Ors v Banca Nazionale Del Lavoro Spa (the Bank), the Bank provided a customer reference through a requesting bank to the effect that its customer, HB, was financially sound and trustworthy and good for up to £1.6 million per week. The requesting bank named its own customer (Burlington) as requesting the reference. Burlington was in fact acting as an agent for an undisclosed principal, the claimant casino. The claimant sought the reference through Burlington so as to avoid disclosing the purpose of the reference, being to set up a credit

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