High Court strikes out two IRHPs mis-selling claims on the grounds of abuse of process, limitation and underdeveloped allegations of fraud

The High Court has dismissed two IRHPs mis-selling claims by claimant investors against various defendant banks for losses alleged to have been suffered as a result of fraudulent misrepresentation or a unlawful means conspiracy: Boyse (International) Limited v Natwest Markets Plc and The Royal Bank of Scotland Plc [2020] EWHC 1264 (Ch); and Elite Properties … Read more

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 strikes out claimants’ representative action due to failure to meet “same interest” requirement under CPR 19.6

The High Court has struck out the representative element of a claim purportedly brought on behalf of large numbers of claimant individuals and communities seeking remediation for damages. In doing so, the court has emphasised the strict limits to the representative action procedure under CPR 19.6, which effectively acts as a ‘opt-out’ class action regime … 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

High Court takes robust approach to personal guarantees: potential impact for accredited lenders under the Coronavirus Business Interruption Loan Schemes

The High Court has held that personal guarantees signed by the chairman and sole shareholder of a borrower company were enforceable, dismissing arguments that emailing scanned signature pages was insufficient to constitute “delivery”, or that the doctrine of promissory estoppel was engaged to prevent the lender from calling on the guarantees where certain alleged assurances … Read more

High Court finds no implied contractual duties in connection with past business review

Since 2015 there has been a series of judgments in which claimant customers have (ultimately unsuccessfully) sought to impose contractual and tortious duties on financial institutions relating to the institution’s conduct of the 2012 past business review into the alleged mis-selling of interest rate hedging products (the “PBR”). The latest decision from the High Court … Read more