HMT reform of prospectus regime: the potential impact on securities litigation

HM Treasury (HMT) has published an initial consultation on fundamental reforms promising the biggest shake up of the prospectus regime since 2005. The consultation follows the conclusions of the Hill Review of the UK listing regime published in March 2021. In this blog post, we consider HMT’s consultation paper through a securities litigation lens, highlighting the … Read more

Court of Appeal provides guidance on the “reflective loss” principle and its interaction with the Contracts (Rights of Third Parties) Act 1999

The Court of Appeal has held that the so-called “reflective loss” principle will not bar the claim of a shareholder, who is also a contractual promisee/beneficiary, in circumstances where the company in which the shares are owned has acquired the right to bring a claim in respect of the same contract against the same wrongdoer … Read more

Intermediated securities in a securities class action context

Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law on intermediated securities in a securities class action context. The majority of investors in the UK hold their interests through an intermediated chain of securities. The relationships between the investors in the chain are governed by the contracts they … Read more