UK listing regime reform: update on potential impact on securities litigation

The Financial Conduct Authority (FCA) has published a further consultation paper for the UK’s new listing regime (CP 23/31) which includes in draft (most of) the new UK Listing Rules, following stakeholder feedback to its initial consultation (CP 23/10) last May (see our previous blog post). The FCA’s overarching philosophy is to shift to a … Read more

High Court strikes out novel bid to bring securities class action using CPR 19.8 representative action as “opt-in” procedure

The High Court has refused to allow a securities class action to proceed as a representative action under CPR 19.8, finding that any claims should be pursued as ordinary multi-party proceedings with the investors as claimants: Wirral Council v Indivior PLC [2023] EWHC 3114 (Comm). CPR 19.8 allows a claim to be brought by (or against) a … Read more

Company not ordered to disclose privileged documents to shareholders in context of late application in securities class action

In an oral judgment delivered at the end of a one-day hearing, the High Court has refused an application by the claimants in a securities class action for disclosure of privileged documents by the defendant company: Various Claimants v G4S PLC [2023] EWHC 2863 (Ch). The decision considers the boundaries of the so-called “shareholder principle”, ie … Read more

Global perspectives on climate disputes – A recent history of shareholder claims

Recent years have shown a rise in activist shareholders striving to shape corporate conduct around ESG matters, particularly climate change. Institutional investors are increasingly backing such initiatives, driven by the need to showcase their ESG commitments, fulfil investment strategies and reduce risk associated with their investment labels. In England and Wales, shareholder activism has traditionally taken … Read more

High Court confirms refusal of permission for ClientEarth derivative action against Shell directors

In the closely-watched proceedings brought by climate-change activist ClientEarth against Shell plc, the High Court yesterday confirmed its earlier decision to refuse ClientEarth permission to continue its derivative action: ClientEarth v Shell plc [2023] EWHC 1897 (Ch). ClientEarth, a minority shareholder in Shell, is seeking to bring a derivative claim in Shell’s name, to challenge the … Read more