What does Lloyds/HBOS tell us about sections 90 and 90A of FSMA?

Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law considering how the findings in Sharp v Blank [2019] EWHC 3078 (Ch) (also known as The Lloyds/HBOS litigation) may be of assistance in interpreting sections 90 and 90A of the Financial Services and Markets Act 2000. Lloyds/HBOS is the only securities … Read more

High Court orders claimants to provide disclosure to prove investment decisions were made in reliance on defective publications in the Tesco section 90A FSMA group litigation

In the claims brought by shareholders of Tesco under section 90A Financial Services and Markets Act 2000 (“FSMA”) relating to false and misleading statements allegedly made by Tesco regarding its commercial income and trading profits in 2014, the High Court has ordered that the claimants must provide disclosure of documents that will assist the court … Read more

Upcoming webinar – Class actions in England and Wales: Shareholder actions – The Lloyds/HBOS litigation

On Monday 9 December (1-2pm UK time), Harry Edwards, Ceri Morgan and Sarah Penfold will deliver a webinar for Herbert Smith Freehills clients and contacts looking at the judgment in the Lloyds/HBOS litigation, Sharp v Blank [2019] EWHC 3078 (Ch), which was handed down by the High Court on 15 November. Herbert Smith Freehills acted for the successful defendants to the action. … Read more

First securities class action judgment in Australia

The Australian Federal Court has recently handed down judgment in the first securities class action in Australia to reach trial: TPT Patrol Pty Ltd as trustee for Amies Superannuation Fund v Myer Holdings Limited [2019] FCA 1747. The decision is likely to be of interest from a UK securities litigation perspective. A briefing paper setting … Read more

What securities litigators need to know about the new Prospectus Regulation

The new EU Prospectus Regulation (EU/2017/1129) (the “PR”) entered into full force and effect on 21 July 2019 across EU Member States. It replaces, in its entirety, the Prospectus Directive (the “PD”) regime and therefore represents the most significant overhaul of European securities law since the PD came into force in 2005. A number of the … Read more