In BNP Paribas v Trattamento Rifiuti [2020] Cockerill J accepted a submission that the observations of Leggatt LJ in First Towers Trustees regarding the scope of ‘acknowledgements’ of non-reliance in banking structured product transactions were obiter. The case has resurrected controversy in an area which many practitioners thought had been resolved after First Tower Trustees appeared to put and end to a heresy arising from JP Morgan v Springwell.  The Quadcast team looked afresh at contractual estoppel, entire agreement clauses and how parties are trying to get around the absence of writing in hard cases.