Financial Services – An analysis of the decision in Kleinwort Benson

The author analyses the Court of Appeal decision in the swap case of Kleinwort Benson v Birmingham City Council [1996] 4 All ER 733 and the availability of the defence of passing on. He highlights the significance for over-the-counter derivatives and the impact on the law of restitution and of trusts. Article by Alastair Hudson (Queen Mary, University of London) published in Amicus Curiae - Journal of the Institute of Advanced Legal Studies and its Society for Advanced Legal Studies. The Journal is produced by the Society for Advanced Legal Studies at the Institute of Advanced Legal Studies, University of London.