The Court of Appeal has recently had the opportunity to consider, once again, the so-called “SAAMCO” principle in AssetCo plc v Grant Thornton UK LLP [2020] EWCA Civ 1151. While many reported decisions considering the SAAMCO principle arise in the audit and accountancy sector (including the present case), it is often a key and difficult issue … Read more

The long-running Tesco Litigation (a securities class action brought by shareholders under section 90A Financial Services and Markets Act 2000 (FSMA)) has reached the Pre-Trial Review stage and there are a couple of snippets arising from the PTR judgment which will be of interest to those who follow the development of the class action landscape … Read more

The High Court’s recent judgment in Palladian Partners LP & Ors v The Republic of Argentina & Anor [2020] EWHC 1946 (Comm) is an interesting and high profile addition to the body of case law on the interpretation of complex financial instruments, here the terms and conditions applicable to euro-denominated government bonds issued by the … Read more

The Supreme Court’s judgment in Sevilleja v Marex Financial Ltd [2020] UKSC 31 has been eagerly anticipated by financial institutions and brings much needed clarity in respect of the so-called “reflective loss” principle, first established in Prudential Assurance Co Ltd v Newman Industries Ltd (No 2) [1982] Ch 204. By a majority of 4-3, the … Read more

Mr Justice Norris has now handed down judgment following the consequentials hearing in the landmark Lloyds/HBOS Litigation: Sharp & Ors v Blank & Ors [2020] EWHC 1870 (Ch). Norris J resoundingly refused permission to appeal the judgment on liability and made a number of interesting findings on the adverse costs position of the claimants, and … Read more

Burford Capital, one of the largest litigation funders, has been in the press regularly since the publication of a series of tweets and opinion pieces by Muddy Waters (the US investment firm) which also short-sold Burford shares. These events triggered a period of weakness in Burford’s share price. Burford contended that its share price fell … Read more

The Court of Appeal has upheld the High Court’s decision that no incentive fee was payable to a collateral manager in a collateralised loan obligation (CLO) transaction following the exercise of a right of early redemption by the holders of the equity notes: Barings (UK) Ltd v Deutsche Trustee Company Ltd & Ors (Rev 1) … Read more

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