Impact of latest “SAAMCO” decision on financial services litigation

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

Untangling, but not killing off, the Japanese knotweed: Supreme Court confirms existence and scope of “reflective loss” rule

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

Lloyds/HBOS Litigation: Consequentials Judgment

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

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