The recent case of Edward Astle & Ors v CBRE Ltd (and related actions) [2015] EWHC 3189 (Ch) considers South Australia Asset Management Corp v York Montague Ltd [1997] A.C. 191 (“SAAMCo“) in a novel context. The Defendants allegedly included a negligent property valuation in an information memorandum, promoting an investment in a property-owning trust structure. They applied for summary judgment … Read more
The recent case management decision in Harlequin Property (SVG) Ltd and Another v Wilkins Kennedy[2015] EWHC 3050 (TCC) considered an application by the Defendant to withhold documents from inspection on the basis of confidentiality. The documents in question fell into two categories, namely: (i) documents created in the course of an investigation into the Claimants by the … Read more
In a recent decision in the Lloyds shareholder litigation, the High Court has struck out a number of aspects of the claims against the defendant directors based on alleged fiduciary duties to shareholders: Sharp & Others v Blank & Others [2015] EWHC 3220 (Ch). Herbert Smith Freehills is acting for Lloyds and the director defendants. The decision … Read more
In Financial Conduct Authority v Da Vinci Invest and Others [2015] EWHC 2401 (Ch), the High Court granted the Financial Conduct Authority (the “FCA“) permanent injunctions and financial penalties for market abuse against two firms and three individuals. All but one of the Defendants was incorporated or resident abroad. This decision represents the first time the FCA has … Read more
In a decision handed down earlier today, the High Court has upheld RBS’s claim to privilege over certain documents which the bank had been ordered to produce to the court for inspection: Property Alliance Group Limited v The Royal Bank of Scotland Plc [2015] EWHC 3187 (Ch). The decision confirms that the protection of legal advice privilege … Read more
In a unanimous decision, the Supreme Court has confirmed that the right to draw down under loan agreements is caught by the expanded definition of “asset” contained in the current standard Commercial Court form of freezing order which includes “any asset which it (the respondent) has the power, directly or indirectly, to dispose of or … Read more
The High Court has interpreted a jurisdiction clause as granting exclusive jurisdiction to the English courts, despite the absence of the word “exclusive” in the clause in question: Global Maritime Investments Cyprus Limited v O.W. Supply & Trading A/S [2015] EWHC 2690 (Comm). A well drafted jurisdiction clause should make clear that exclusive jurisdiction is … Read more
CBRE Loan Servicing Limited v Gemini (Eclipse 2006-3) plc & Ors [2015] EWHC 2769 (Ch) concerns the construction of contractual provisions in a complex commercial mortgage backed securities (“CMBS“) structure. The Court had to determine, looking at the suite of documentation, how funds were to be classified: as “principal” or “interest”, where those terms were not … Read more
The recent decision of the High Court in Worthing and Another v Lloyds Bank plc [2015] EWHC 2836 (QB) provides helpful clarification for financial institutions as to their duties when providing regulated investment advice under the Financial Services and Markets Act 2000 (“FSMA“) and conducting subsequent reviews of that advice. In this case, the Court held that the … Read more
