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Local Authorities Swaps Litigation
The local authorities swaps litigation (sometimes called simply the swaps cases) refers to a series of cases during the 1990s under English law relating to interest rate swap transactions entered into between banks and local authorities. The House of Lords ruled that such transactions were unlawful. As a result of the decision over 200 separate actions were filed as hundreds of interest rate swap contracts had to be unwound by the courts at great expense.In his judgment in Re Interest Rate Swap Litigation' (unreported, 28 November 1991) Hirst J recorded that "As at 30th October, 1991 there were 203 extant swap actions, 18 had been settled after the issue of proceedings, 2 had been discontinued and 4 are in progress in the Chancery Division. Although in the vast majority of cases the banks are plaintiffs, there are 10 actions involving 8 local authorities in which a local authority is plaintiff because they are net losers under their swap transactions. The number of plaintiff ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shepherds Bush Road London
A shepherd or sheepherder is a person who tends, herds, feeds, or guards flocks of sheep. ''Shepherd'' derives from Old English ''sceaphierde (''sceap'' 'sheep' + ''hierde'' 'herder'). ''Shepherding is one of the world's oldest occupations, it exists in all parts of the globe, and it is an important part of Pastoralism, pastoralist animal husbandry. Because of the ubiquity of the profession, many religions and cultures have symbolic or metaphorical references to the shepherd profession. For example, Jesus called himself the Good Shepherd, and ancient Greek mythologies highlighted shepherds such as Endymion (mythology), Endymion and Daphnis. This symbolism and shepherds as characters are at the center of pastoral literature and art. Origins Shepherding is among the oldest occupations, beginning some 5,000 years ago in Asia Minor. Sheep were kept for their milk, sheep meat, meat and especially their wool. Over the next thousand years, sheep and shepherding spread throughout ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
