HM Treasury (HMT) has published an initial consultation on fundamental reforms promising the biggest shake up of the prospectus regime since 2005. The consultation follows the conclusions of the Hill Review of the UK listing regime published in March 2021. In this blog post, we consider HMT’s consultation paper through a securities litigation lens, highlighting the … Read more

The Court of Appeal has held that the English court had no power under Article 33 of the recast Brussels Regulation to stay in favour of prior proceedings commenced in New Jersey, where the English court had jurisdiction under a non-exclusive jurisdiction clause. It made no difference that, absent the clause, the court would have … Read more

The Court of Appeal has held that the so-called “reflective loss” principle will not bar the claim of a shareholder, who is also a contractual promisee/beneficiary, in circumstances where the company in which the shares are owned has acquired the right to bring a claim in respect of the same contract against the same wrongdoer … Read more

The Court of Appeal has allowed an appeal by a purchaser in the context of its claim for damages for fraudulent misrepresentation against the sellers of certain business assets that it had acquired. In doing so, the Court of Appeal held that damages for fraudulent misrepresentation should, as a general rule, be assessed by ascertaining … Read more

The Court of Appeal has dismissed an appeal against a High Court decision which went against the unambiguous literal meaning of the clause: MonSolar IQ Ltd v Woden Park Ltd [2021] EWCA Civ 961. This is an application of what the court referred to as the Chartbrook principle, by which clear mistakes in the drafting of a document can … Read more

Herbert Smith Freehills have contributed the England and Wales chapter of The Securities Litigation Review. Now in its seventh edition, The Securities Litigation Review is a guided introduction to the class action regimes for securities claims in the key jurisdictions across the globe, providing a valuable resource for corporates and financial institutions who might face … Read more

In one of the first decisions to consider the application of the so-called Arkin “cap” following the Court of Appeal’s decision in Chapelgate Master Fund Opportunity Ltd v Money [2020] EWCA Civ 246, the High Court has once again made a third party costs order against a litigation funder, and refused to cap that order: Laser … Read more

In what is now the leading authority on the application of the decision in South Australia Asset Management Corpn v York Montague Ltd [1997] AC 191 (SAAMCO), the Supreme Court has allowed an appeal by a mutual building society in the context of its claim for damages for economic loss against an auditor for (admitted) … Read more