Sharp & Ors v Blank & Ors: Directors’ duties owed to company not shareholders when seeking shareholder approval for transaction

In a recent decision in the Lloyds shareholder litigation, the High Court has struck out a number of aspects of the claims against the defendant directors based on alleged fiduciary duties to shareholders: Sharp & Others v Blank & Others [2015] EWHC 3220 (Ch). Herbert Smith Freehills is acting for Lloyds and the director defendants. The decision … Read more

CBRE Loan Servicing v Gemini: High Court applies key principles of contractual interpretation to CMBS documentation

CBRE Loan Servicing Limited v Gemini (Eclipse 2006-3) plc & Ors [2015] EWHC 2769 (Ch) concerns the construction of contractual provisions in a complex commercial mortgage backed securities (“CMBS“) structure. The Court had to determine, looking at the suite of documentation, how funds were to be classified: as “principal” or “interest”, where those terms were not … Read more