At a recent case management conference in relation to a claim under section 90A of the Financial Services and Markets Act 2000, the High Court has held that reliance issues should be heard at the first trial in a split trial structure, rather than being held over to the second trial: Allianz Global Investors GmbH & 76 Ors v RSA Insurance Group plc [2021] EWHC 570 (Ch).

The decision provides helpful guidance as to the appropriate allocation of issues in a split trial structure in securities class actions, where claimants often seek to postpone issues involving reliance, causation and quantum (ie issues which concern the conduct of the claimants) to the second trial and render issues surrounding the issuer’s alleged liability the sole focus of the first trial.

For more information see our banking litigation blog post on the decision.