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

High Court rules on entitlement of persons or bodies to give instructions to UK financial institutions on behalf of Venezuelan Central Bank

In a recent decision, in relation to an ongoing dispute as to which Venezuelan person or body has the authority to deal with certain Venezuelan assets (currently worth in excess of USD 2 billion) held in London by certain UK financial institutions, the High Court held that it would uphold the UK’s Government’s recognition of … Read more

High Court requires claimant investors to disclose their investment history to show their level of sophistication and appetite for risk

In a recent decision in the group litigation brought in respect of the Ingenious Media film partnerships the High Court has ruled that each claimant should provide disclosure in relation to their investment history, as this may be relevant to: (a) their financial sophistication and risk appetite, which may in turn inform the scope of … Read more