In the second episode of our Toolbox Podcast series, C&I Disputes Partner Dan Dragovic, and Senior Associate Stewart McWilliam, discuss current contracting trends in the construction and infrastructure market, and what those trends will mean for 2025 and beyond. With private equity and public spending increasingly driving the energy transition, and a ‘hot’ contracting market pushing participants away from traditional contracting models, we discuss the lessons that can be taken from the last construction boom, some of the problems we foresee arising on new energy projects and how the nature of those projects might demand international arbitration as the dispute resolution process of choice.

Veronica Roberts (UK Head of Competition, Regulation and Trade), Peter Rowland (Of Counsel) and Ruth Allen (Knowledge Lawyer) share their insights into navigating competition law and FDI regulation in the pharmaceutical sector. Looking ahead to 2025, they highlight some key risks to be aware of and offer practical tips on pro-active steps that companies can take to address them. Topics discussed include the types of anti-competitive agreements that are likely to be in the regulatory spotlight, significant developments in respect of abuse of dominance, the growing risk of competition damages actions, the approach of the UK and EU regulators to so-called "killer acquisitions" and the sensitivities around foreign investment in the pharmaceutical sector.

In this third episode of the HSF FSR Brief, Jon Ford, Hywel Jenkins, Michael Tan and Elizabeth Stephens explore the FCA and FOS' recent Call for Input (CFI) on 'Modernising the Redress System'. They discuss the key aims of the CFI, current issues seen within the redress framework and suggest potential areas of reform to ensure the redress system works for stakeholders across the financial services industry.

For further background and insight to the CFI, read our blog post here: https://www.herbertsmithfreehills.com/notes/fsrandcorpcrime/2025-posts/addressing-the-redress-system--the-time-for-change-is-now

Following the Federal Court’s significant judgment in ASIC v Noumi Ltd in 2024, the Full Court has now made orders allowing the appeals and finding that Noumi did not waive privilege in the PwC report by disclosing it to ASIC under a voluntary disclosure agreement. While the Full Court’s decision confirms that VDA arrangements can be an effective way to maintain legal professional privilege, Bryony Adams, Andrew Eastwood and Maritsa Samios explore why its reasons underscore the need for care to be taken before commissioning an investigation report, and entering into any limited waiver arrangement, such as VDAs.

Scheme mergers are common enough – but not like this one. The Arcadia case involved a merger of schemes in winding-up, with an overfunded scheme effectively bailing out a scheme in deficit. Why did the Court give its blessing? And what does this tell us about trustee powers and duties? Pensions Counsel Rob Klepka joins to discuss.

Subscribe to the HSF Pensions Notes Blog here: https://www.herbertsmithfreehills.com/notes/pensions/subscribe

In this edition of our banking litigation podcast, we consider some recent cases that will be most relevant to in-house lawyers at banks and financial institutions. This episode is hosted by John Corrie, a partner in our banking litigation team, who is joined by Ceri Morgan and special guest Sarah Penfold.

You can find links to our blogs on the cases covered in this podcast below:

• High Court finds lenders' exercise of contractual right to demand loan repayment is not subject to implied Braganza duty https://www.herbertsmithfreehills.com/notes/bankinglitigation/2024-posts/High-Court-finds-lenders--exercise-of-contractual-right-to-demand-loan-repayment-is-not-subject-to-implied-Braganza-duty-

• Court of Appeal rejects attempt to bring securities class action using CPR 19.8 representative action as an "opt-in" procedure https://www.herbertsmithfreehills.com/notes/bankinglitigation/2025-01/Court-of-Appeal-rejects-attempt-to-bring-securities-class-action-using-CPR-19.8-representative-action-as-an--opt-in--procedure.

• High Court refuses to allow representative action to be brought on behalf of copyright owners in IP case https://www.herbertsmithfreehills.com/notes/litigation/2025-01/high-court-refuses-to-allow-representative-action-to-be-brought-on-behalf-of-copyright-owners-in-ip-case

• High Court considers whether "success fee" is payable by client to investment bank in respect of capital raise https://www.herbertsmithfreehills.com/notes/bankinglitigation/2025-01/High-Court-considers-whether--success-fee--payable-by-client-to-investment-bank-in-respect-of-capital-raise

• High Court orders commercial parties to mediate shortly before trial https://www.herbertsmithfreehills.com/notes/litigation/2025-01/high-court-orders-commercial-parties-to-mediate-shortly-before-trial

• Commercial Court declares arbitral tribunal lacks jurisdiction following bank's invocation of asymmetric option clause https://www.herbertsmithfreehills.com/notes/litigation/2025-01/commercial-court-declares-arbitral-tribunal-lacks-jurisdiction-following-bank-s-invocation-of-asymmetric-option-clause

• Motor Finance: Where are we and where next? https://www.herbertsmithfreehills.com/notes/fsrandcorpcrime/2025-posts/motor-finance--where-are-we-and-where-next

• Insight Alert: Global FSR Outlook 2025 – Perpetual Motion https://www.herbertsmithfreehills.com/notes/bankinglitigation/2025-01/Global-FSR-Outlook-2025--Perpetual-Motion

Don't forget to subscribe to the banking litigation blog. https://hsfnotes.com/bankinglitigation/subscribe/

Following the publication of the long-awaited Government Guidance on reasonable fraud prevention procedures, this episode seeks to help organisations prepare for failure to prevent fraud, the new offence which will come into effect on 1 September 2025. As part of this episode, Kate Meakin, Elizabeth Head and Alexandra Fitzgerald discuss the Guidance and in particular how organisations should be implementing its principles-based approach. While the Guidance is not prescriptive, it does provide some helpful advice on what the Government intended by 'reasonable' fraud prevention procedures, which the speakers explore as well as providing some practical considerations that organisations should be giving thought to now and how they can best prepare over the coming months.

You can also read our accompanying briefing on this topic, which is available on our blog. https://www.herbertsmithfreehills.com/notes/fsrandcorpcrime/2025-posts/ftpfraud-ready-sep25

In this 29th episode of our series of commercial litigation update podcasts, we focus on developments relating to class actions, where there has been a huge amount of activity over the past couple of months. We will discuss cases brought under the CPR 19.8 representative action proceedings, group litigation orders, and the competition collective proceedings regime in the Competition Appeal Tribunal. This episode is hosted by Maura McIntosh, a knowledge counsel in our litigation team, who is joined by Gregg Rowan, a disputes partner, and Joe Williams, a senior associate in our competition, regulation and trade team.

Below you can find links to our blog posts on the developments and cases covered in this podcast.

• Data class actions: Court of Appeal upholds decision blocking "opt-out" representative action for misuse of private information https://www.herbertsmithfreehills.com/notes/litigation/2024-12/data-class-actions--court-of-appeal-upholds-decision-blocking--opt-out--representative-action-for-misuse-of-private-information

• High Court refuses to allow representative action to be brought on behalf of copyright owners in IP case https://www.herbertsmithfreehills.com/notes/litigation/2025-01/high-court-refuses-to-allow-representative-action-to-be-brought-on-behalf-of-copyright-owners-in-ip-case

• Court of Appeal rejects attempt to bring securities class action using CPR 19.8 representative action as an "opt-in" procedure https://www.herbertsmithfreehills.com/notes/litigation/2025-01/court-of-appeal-rejects-attempt-to-bring-securities-class-action-using-cpr-19-8-representative-action-as-an--opt-in--procedure

• High Court rejects "price/market reliance" for s.90A and Schedule 10A FSMA claims https://www.herbertsmithfreehills.com/notes/litigation/2024-11/high-court-rejects--price-market-reliance--for-s90a-and-schedule-10a-fsma-claims

• High Court finds companies can assert privilege against their shareholders https://www.herbertsmithfreehills.com/notes/litigation/2024-11/high-court-finds-companies-can-assert-privilege-against-their-shareholders

• Group litigation orders: Court of Appeal considers binding effect of decisions in test cases https://www.herbertsmithfreehills.com/notes/litigation/2024-12/group-litigation-orders--court-of-appeal-considers-binding-effect-of-decisions-in-test-cases

• Court of Appeal finds claimants cannot be forced to pursue claims for environmental damage as "global claims" https://www.herbertsmithfreehills.com/notes/litigation/2024-12/court-of-appeal-finds-claimants-cannot-be-forced-to-pursue-claims-for-environmental-damage-as--global-claims-

• Opt-out competition class action rejected due to unsuitability of proposed class representative (PCR) https://www.herbertsmithfreehills.com/notes/litigation/2025-01/opt-out-competition-class-action-rejected-due-to-unsuitability-of-proposed-class-representative-(pcr)

• Competition class actions: First case to go to trial ends in failure https://www.herbertsmithfreehills.com/notes/litigation/2024-12/Competition-class-actions--First-case-to-go-to-trial-ends-in-failure

There is a lot of talk at the moment about AI Literacy, with requirements under the EU AI Act having come into force from 2 February 2025. During this espresso pod, Christine Young and Sian McKinley in the Employment team are joined by Morris Schonberg, a partner in the HSF Competition, Regulatory and Trade team in Brussels who is actively involved in clients' work and preparations related to the EU AI Act. Together they take a look at what AI Literacy actually means, and what employers in the EU and in the UK should be doing now.

In this episode, Partner Christine Wong, Senior Associate David Kim and Solicitor Raymond Sun discuss cybersecurity and the impact of AI in financial services.