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

    Judgment handed down in FCA’s COVID-19 business interruption insurance test case

    The High Court has today handed down judgment in the COVID-19 Business Interruption insurance test case of The Financial Conduct Authority v Arch and Others. Herbert Smith Freehills represented the FCA (who was advancing the claim for policyholders) in the case, which considered 21 lead sample wordings from eight insurers. Following expedited proceedings, the judgment brings … 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 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 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