Category: Financial Services

In re Names at Lloyds: ChD 3 Dec 2008

An application was made for waiver to allow the transfer of liabilities from Lloyds names to named insurance company.
Held: Such an application required a scheme report, but that report did not have to be in place at the time the application was launched provided it was available before the order was made.

Judges:

Floyd J

Citations:

Times 22-Dec-2008

Statutes:

Financial Services and Markets Act 2000 109(1), Financial Services and Markets Act 2000 (Control of Business Transfers) (Requirements on Applicants) Regulations 2001 (SI 2001 No 3625

Jurisdiction:

England and Wales

Financial Services

Updated: 10 September 2022; Ref: scu.316674

Sussex Independent Financial Advisers Ltd v The Financial Conduct Authority (Financial Services – Supervisory Notice): UTTC 25 Jul 2019

FINANCIAL SERVICES – Supervisory Notice – Application for direction to suspend the effect of notice until reference disposed of – Notice varied Applicants permission by removing regulated activities from those to which its Part 4A FSMA permission related- Reason for notice: failure to satisfy Threshold Conditions of appropriate resources and suitability – whether Tribunal satisfied that the direction to suspend the effect of the notice would not prejudice the interests of consumers – no – Application dismissed – Rule 5 (5) The Tribunal Procedure (Upper Tribunal) Rules 2008.

Citations:

[2019] UKUT 228 (TCC)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 09 September 2022; Ref: scu.643786

Padden v Arbuthnot Pensions and Investments Ltd: CA 14 May 2004

Judges:

Lord Justice Buxton Lord Justice Kennedy Lord Justice May

Citations:

[2004] EWCA Civ 582

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Approved – Financial Services Authority v Rourke ChD 19-Oct-2001
The applicant sought a declaration that the defendant had acted in breach of the Act, in accepting sums by way of deposit, without being authorised, and had made prohibited statements to attract such deposits. Could a civil court make such a finding . .

Cited by:

Cited – Office of Fair Trading v Foxtons Ltd ChD 17-Jul-2008
Complaint was made that the Foxtons standard terms of acting in residential lettings were unfair. Foxtons objected to the jurisdiction of the Claimant to intervene.
Held: On a challenge to an individual contract, the court would be able to see . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Contract

Updated: 07 September 2022; Ref: scu.197003

Batt v Royal Mail: ChD 8 Apr 2011

Appeal on points of law from the decision of Deputy Pensions Ombudsman rejecting his complaint that his former employer had been guilty of maladministration in reaching a decision not to award him an ill-health retirement pension on the termination of his employment.

Judges:

Briggs J

Citations:

[2011] EWHC 900 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Employment, Financial Services

Updated: 06 September 2022; Ref: scu.431897

Bank Leumi (UK) Plc v Wachner: ComC 22 Mar 2011

The bank sought to recover its lendings to the defendant. She counterclaimed alleging negligence in the sale to her by the claimant of foreign exchange options.
Held: The counterclaim failed.

Judges:

Flaux J

Citations:

[2011] EWHC 656 (Comm), [2011] 1 CLC 454

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services, Banking

Updated: 04 September 2022; Ref: scu.431650

Lehman Brothers Special Financing Inc v Carlton Communications Ltd: ChD 28 Mar 2011

Claims under interest rate swap agreements.
Held: The condition precedent in section 2(a)(iii) of the ISDA Master Agreement was valid – ‘to relieve the non-defaulting party from payment obligations for as long as the defaulting party is, by reason of the bankruptcy, incapacitated from providing the promised hedge’, whenever during the life of the transaction such incapacity arose.

Judges:

Briggs J

Citations:

[2011] EWHC 718 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

Cited – Belmont Park Investments Pty Ltd v BNY Corporate Trustee Services Ltd and Another SC 27-Jul-2011
Complex financial instruments insured the indebtedness of Lehman Brothers. On that company’s insolvency a claim was made. It was said that provisions in the documents offended the rule against the anti-deprivation rule. The courts below had upheld . .
Lists of cited by and citing cases may be incomplete.

Contract, Financial Services

Updated: 04 September 2022; Ref: scu.431282

BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL Plc and Others: CA 7 Mar 2011

The court was asked questions to interpret the terms of interest-bearing notes, which were issued by Eurosail-UK 2007-3BL PLC, a special purpose vehicle formed to hold income-producing assets, consisting of mortgage loans, to be used to meet the liabilities on the Notes, and in particular whether the rspondent had been insolvent when entering into them.
Held: The appeal and cross failed. The meaning to be given to the language used by the parties was not open to doubt. To say that to give effect to that meaning is to surrender to legal form over commercial substance amounts to an invitation to depart from the settled role of commercial good sense.

Judges:

Lord Neuberger MR

Citations:

[2011] BCC 399, [2011] Bus LR 1359, [2011] 1 WLR 2524, [2011] EWCA Civ 227

Links:

Bailii

Statutes:

Insolvency Act 1986 123

Jurisdiction:

England and Wales

Citing:

Appeal from – BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL Plc and Others ChD 30-Jul-2010
The parties disputed whether the respondent was in law insolvent at the time it entered into financial transactions with it.
Held: The Court rejected the Noteholders’ submission that Eurosail was plainly insolvent for the purposes of section . .

Cited by:

Appeal from – BNY Corporate Trustee Services Ltd and Others v Neuberger SC 9-May-2013
Potential Insolvency effect under guarantee
The various parties had entered into complex and substantial financial arrangements incorporating guarantees. The guarantees were conditional upon the guaranteed party being solvent. The parties disputed whether a party which would otherwise be . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Insolvency

Updated: 03 September 2022; Ref: scu.430359

Cole and Others v George Bennett Bryson and Co Ltd Co: PC 22 Feb 1993

(Barbuda) Where the amount of a pension was to be calculated by reference to the length of service and the greater of the pay at the time of retirement, or the average over the last three years, that pay was calculated as the total amount of pay or earnings of all kinds relating to the pensionable employment.

Citations:

Ind Summary 22-Mar-1993, [1993] UKPC 6

Links:

Bailii

Jurisdiction:

Commonwealth

Employment, Financial Services

Updated: 02 September 2022; Ref: scu.429751

CRC Credit Fund Ltd and Others v GLG Investments Plc (Sub-Fund: European Equity Fund) and Others: CA 2 Aug 2010

Judges:

Lord Neuberger MR, Arden LJ, Sir Mark Waller

Citations:

[2010] EWCA Civ 917, [2011] Bus LR 277, [2011] 1 CMLR 27

Links:

Bailii

Statutes:

Financial Services and Markets Act 2000

Jurisdiction:

England and Wales

Citing:

Appeal from – Lehman Brothers International (Europe) v CRC Credit Fund Ltd and Others ChD 15-Dec-2009
. .
See Also – Lehman Brothers International (Europe) v CRC Credit Fund Ltd and Others ChD 20-Jan-2010
. .

Cited by:

Appeal From – Lehman Brothers International (Europe), Re SC 29-Feb-2012
The court was asked to interpret the provisions as to ‘client money rules’ and ‘client money distribution rules’ in the FSA handbook, and to consider the consequences as to the applicable trusts. Substantial sums paid by clients to the bank before . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Insolvency

Updated: 02 September 2022; Ref: scu.421333

Regina v McQuoid: CACD 10 Jun 2009

The defendant appealed against his eight month sentence for insider dealing.
Held: The offence was serious and was not made less serious for the defendant’s previous good record and the existence of a regulatory proceedings system.

Judges:

Lord Judge, Lord Chief Justice, Mr Justice Collins and Mr Justice Owen

Citations:

Times 23-Jun-2009

Statutes:

Criminal Justice Act 1993 52(1)

Jurisdiction:

England and Wales

Criminal Sentencing, Financial Services

Updated: 02 September 2022; Ref: scu.347279

Wilson and Another v MF Global UK Ltd and Another: QBD 1 Feb 2011

The claimants sought damages from their investment brokers.
Held: The mere fact that a financial adviser may express an opinion does not mean that an advisory relationship has come into being

Judges:

Eady J

Citations:

[2011] EWHC 138 (QB)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 01 September 2022; Ref: scu.428375

Sharma v Financial Services Authority: UTTC 7 Dec 2010

STRIKE OUT APPLICATION – No real prospect of success – Fitness and propriety – Criminal convictions – Applicant referred decision notice containing prohibition order – Recent convictions for failing to notify change of control and for knowingly or recklessly giving false and misleading information – Whether and in what circumstances it is proper for Tribunal to strike out the Reference on grounds of no real prospect of success – Strike out application granted – Tribunal Procedure (Upper Tribunal) Rules 2008 (SI 2698/2008) as amended, Rule 8(3)(c)

Citations:

[2010] UKUT 25 (FS), [2010] UKUT B32 (TCC)

Links:

Bailii, Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 01 September 2022; Ref: scu.428186

Singh (T/A Oceans Mortgages) v Financial Services Authority: UTTC 8 Apr 2010

AUTHORISATION – Fit and proper – Refusal to grant Part IV permission – Mortgage-related activities – Earlier authorisation of applicant cancelled on grounds of failure to submit RMAR returns – Refusal to re-authorise based on evidence of earlier failures – Reference dismissed – FSMA 2000 s.41(2).

Citations:

[2010] UKUT B10 (FS)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 01 September 2022; Ref: scu.428152

Atlantic Law llp v Financial Services Authority: UTTC 1 Mar 2010

Conduct of Business Rules – approvals by solicitors of promotions by unauthorised overseas companies – ‘boiler rooms’ – alleged absence of adequate guidance by FSA – recklessness – sanction – level of financial penalty

Citations:

[2010] UKUT B7 (FS)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 01 September 2022; Ref: scu.428148

Primavera v Allied Dunbar Assurance Plc: CA 4 Oct 2002

The claimant purchased a pension plan relying upon advice from the defendant. Since discovering the error, the plan had in fact prospered. The respondent appealed the judges failure to allow fully for the improvement when assessing damages.
Held: Part of the claim required both to assess the loss as at 1995, and to recover later loses. It was double recovery. As to the rest the damages which might be assessed in 1995 would have disappeared by 2000. The claimant had not liquidated the fund in 1995. He had however still been misled by the defendant, and had acted as if the loss had been incurred. The damages stood to be assessed as at 1995.

Judges:

Lord Justice Simon Brown, Lord Justice Mance And Lord Justice Latham

Citations:

[2002] EWCA Civ 1327

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Cited – British Westinghouse Electric and Manufacturing Co v Underground Electric Railways Co (London) Limited HL 1912
The plaintiffs purchased eight steam turbines from the defendants. They later proved defective, and the plaintiffs sought damages. In the meantime they purchased replacements, more effective than the original specifications. In the result the . .
Cited – Needler Financial Services Ltd v Taber ChD 31-Jul-2001
The claimant had been negligently advised to swap to a personal pension plan. He was to receive damages in respect of that loss, but, in the meantime, the pension company, of which he had become a member de-mutualised, and he became entitled to . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Damages, Professional Negligence

Updated: 01 September 2022; Ref: scu.177331

ABS Financial Planning Ltd and Others, Regina (on The Application of) v Financial Services Authority and Another: Admn 12 Jan 2011

217 companies sought to challenge a decision imposing on them an interim levy to cover the cost of claims accepted by the defendants in respect of the defaults of another company.

Judges:

Beatson J

Citations:

[2011] EWHC 18 (Admin)

Links:

Bailii

Statutes:

Financial Services and Markets Act 2000

Jurisdiction:

England and Wales

Financial Services

Updated: 31 August 2022; Ref: scu.427974

Davies and others v Financial Services Authority: CA 30 Jul 2003

The claimants sought judicial review of decisions by the respondents proposing prohibition orders.
Held: The applicants had open to them appeals against the decisions so far taken. Accordingly no right existed for judicial review. The scheme of the Act required the supervision of the claimants to be by the procedures under the Act.

Judges:

Kennedy, Mummery, Carnwath LJJ

Citations:

[2003] EWCA Civ 1128, Times 06-Oct-2003, Gazette 02-Oct-2003

Links:

Bailii

Statutes:

Financial Services and Markets Act 2000

Jurisdiction:

England and Wales

Judicial Review, Financial Services

Updated: 29 August 2022; Ref: scu.184897

Springwell Navigation Corporation v JP Morgan Chase Bank and Others: CA 1 Nov 2010

The court was asked as to whether representations has been made.
Held: Aikens LJ referred to a provision stating ‘no representation or warranty, express or implied, is or will be made . . in or in relation to such documents or information’, and to dicta of Christopher Clarke J in Raffeissen said: ‘I would therefore be inclined to regard that part of clause 6 . . as falling within section 3 [of the Misrepresentation Act] and therefore subject to the UCTA regime’.

Judges:

Rix, Rimer, Aikens LJJ

Citations:

[2010] EWCA Civ 1221

Links:

Bailii

Statutes:

Misrepresentation Act 1967 3, Unfair Contract Terms Act 1977

Jurisdiction:

England and Wales

Citing:

Appeal from – JP Morgan Chase Bank and others v Springwell Navigation Corporation Comc 27-May-2008
The company alleged negligence by its financial advisers.
Held: Gloster J said that the absence of a written advisory agreement is a strong pointer against the existence of a free-standing duty of care to give investment advice.
Gloster . .
See Also – JP Morgan Chase Bank and others v Springwell Navigation Corporation ComC 3-Nov-2006
. .
See Also – JP Morgan Chase Bank and others v Springwell Navigation Corporation CA 2-Mar-2006
The parties disputed the attempt to strike out part of the defendant’s claim relating to shipping losses. . .
See Also – JP Morgan Chase Bank and others v Springwell Navigation Corporation CA 20-Dec-2005
The defendants appealed against an order striking out four paragraphs of its defence and counterclaim. . .
See Also – JP Morgan Chase Bank and others v Springwell Navigation Corporation ComC 14-Mar-2005
The defendants had invested money through the claimants, but had suffered severe losses. The claimants sought a declaration that they had no liability for such losses. The defendants counterclaimed that the claimants were liable in negligence, . .
Cited – Raiffeisen Zentralbank Osterreich Ag v The Royal Bank of Scotland Plc ComC 11-Jun-2010
The court was asked whether certain provisions fell within section 3 of the Misrepresentation Act.
Held: Christopher Clarke J referred to dicta of Gloster J and said: ‘In Springwell Gloster J took the view that terms which simply defined the . .

Cited by:

Cited – Avrora Fine Arts Investment Ltd v Christie, Manson and Woods Ltd ChD 27-Jul-2012
The claimants had bought a painting (Odalisque) through the defendant auctioneers. They now claimed that it had been misattributed to Kustodiev, and claimed in negligence and misrepresentation.
Held: Based on the connoisseurship evidence, the . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Contract

Updated: 25 August 2022; Ref: scu.425614

Lonsdale v Braisby (HMIT): ChD 23 Jul 2004

The taxpayer sought tax relief for assorted pension contributions. She had made contributions to schemes before and after the 1988 Act. The tax scheme allowed unused allowances to be carried forward. The taxpayer sought to prevent aggregation of the allowances in respect of the separate schemes.
Held: The unused refiefs under each scheme had to be aggregated in each year and any balance carried forward only after deduction of the total of contributions made for that year.

Judges:

The Honourable Mr Justice Lewison

Citations:

Times 10-Aug-2004, [2004] 1811 EWHC (Ch)

Links:

Bailii

Statutes:

Income and Corporation Taxes Act 1988 655

Jurisdiction:

England and Wales

Cited by:

Appeal from – Lonsdale v HM Inspector of Taxes CA 17-Jun-2005
The taxpayer, a barrister had paid into both a retirement annuity contract and into a personal pension scheme. She sought to be able to claim full tax relief on all payments.
Held: The two payments were to be aggregated, and only any excess of . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Income Tax

Updated: 24 August 2022; Ref: scu.199480

Hodder v Pensions Appeal Tribunal: Admn 31 Jul 2008

Application for permission to apply for judicial review of a decision of the Pensions Appeal Tribunal increasing the assessment of disability suffered by the claimant on account of service related Post Traumatic Stress Disorder.

Judges:

Burnett J

Citations:

[2008] EWHC 1892 (Admin)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 22 August 2022; Ref: scu.277865

Armitage v Staveley Industries Plc: CA 1 Jul 2005

Citations:

[2005] EWCA Civ 792

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Cited – British Movietone News Limited v London and District Cinemas Limited HL 26-Jul-1951
Film distributors contracted to supply newsreels at a cinematic theatre. The contract was for a minimum of 26 weeks, and after on termination by the distributors on four weeks notice thereafter, but by the cinema on four weeks after the first month. . .
Appeal from – Armitage v Staveley Industries Plc ChD 18-Oct-2004
Pensions entitlement . .
Lists of cited by and citing cases may be incomplete.

Employment, Financial Services

Updated: 22 August 2022; Ref: scu.228156

Black and others v Davies: CA 6 May 2005

Citations:

[2005] EWCA Civ 531

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Appeal from – Black and others v Davies QBD 22-Jun-2004
Wherther interest on award to be calculated on simple or compound basis. . .

Cited by:

Main Judgment – Black and others v Davies (Costs) CA 6-May-2005
. .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 22 August 2022; Ref: scu.224788

Stena Line Ltd v Merchant Navy Ratings Pension Fund Trustees Ltd and Another: ChD 27 Jul 2010

Judges:

Briggs J

Citations:

[2010] EWHC 1805 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

At ChD (Approved) – Stena Line Ltd v Merchant Navy Ratings Pension Fund Trustees Ltd and Another CA 12-May-2011
The court heard a proposed arrangement for the remedying of a deficit in the pension scheme. . .
Mentioned – Marks and Spencer Plc v BNP Paribas Securities Services Trust Company (Jersey) Ltd and Another SC 2-Dec-2015
The Court considered whether, on exercising a break clause in a lease, the tenant was entitled to recover rent paid in advance.
Held: The appeal failed. The Court of Appeal had imposed what was established law. The test for whether a clause . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Contract

Updated: 21 August 2022; Ref: scu.421086

UC Rusal Alumina Jamaica Ltd and Others v Miller and Others: PC 26 Nov 2014

(Jamaica) Allocation of a surplus on the winding up of a plan established to provide pensions and other benefits for employees of certain companies in the Alcan group. The plan is the subject of a consolidating trust deed

Judges:

Lord Neuberger, Lord Mance, Lord Clarke, Lord Carnwath, Lord Toulson

Citations:

[2014] UKPC 39

Links:

Bailii

Jurisdiction:

England and Wales

Employment, Financial Services

Updated: 19 August 2022; Ref: scu.539288

The PNPF Trust Company Ltd v Taylor and Others: ChD 28 Jun 2010

Judges:

Warren J

Citations:

[2010] EWHC 1573 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Cited – Saunders v The United Kingdom ECHR 17-Dec-1996
(Grand Chamber) The subsequent use against a defendant in a prosecution, of evidence which had been obtained under compulsion in company insolvency procedures was a convention breach of Art 6. Although not specifically mentioned in Article 6 of the . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 19 August 2022; Ref: scu.418456

In re Kaupthing Singer and Friedlander Ltd: CA 11 May 2010

The court was asked as to the set-off, in a company administration, of future debts owed by the company to its creditors and by those creditors to the company, and whether the effect of those provisions was that, after the future debts were discounted to a present value for the purpose of set-off, leaving a balance due from the creditor to the company to be paid at the contractual date for repayment, the balance was to be paid in the discounted amount or alternatively in an equivalent undiscounted amount.

Judges:

Mummery, Hughes, Etherton LJJ

Citations:

[2010] EWCA Civ 518, [2010] BPIR 839, [2010] Bus LR 1500

Links:

Bailii

Statutes:

Insolvency Act 1986

Jurisdiction:

England and Wales

Citing:

Appeal From – In re Kaupthing Singer and Friedlander Ltd ChD 2-Oct-2009
. .
Cited – Cherry v Boultbee CA 6-Apr-1838
TB was indebted to CB, his sister, in the sum of andpound;1878. He became bankrupt, and shortly after his bankruptcy C B made her will, giving legacies of andpound;500 and andpound;2,000 to her executors, in trust to pay the interest thereof (as to . .
Cited – In re SSSL Realisations (2002) Ltd and Another; Squires and others v AIG Europe (UK) Ltd and Another CA 18-Jan-2006
A creditor claiming an equity in a debt but who himself owed money to the debtor, could not pursue his claim without first contributing the sum due. A person could not take an aliquot share out of a fund without first contributing what he owed to . .

Cited by:

See Also – Brazzill and Others v Willoughby and Others CA 27-May-2010
The regulated bank Kaupthing Singer and Friedlander Ltd (KSF) was in financial difficulties. The Bank of England required KSF to credit to a trust account all future deposits. KSF later went into insolvency. Some deposits had been credited to the . .
See Also – In re Kaupthing Singer and Friedlander Ltd SC 19-Oct-2011
The bank had been put into administrative receivership, and the court was now asked as to how distributions were to be made, and in particular as to the application of the equitable rule in Cherry v Boultbee in the rule against double proof as it . .
Lists of cited by and citing cases may be incomplete.

Insolvency, Financial Services

Updated: 17 August 2022; Ref: scu.414592

Moneygram Payment Systems Inc v Revenue and Customs: FTTTx 25 Mar 2010

FTTTX MONEY LAUNDERING – liability to register under money laundering regulations – liability to pay fees on registration – Appellant appoints agents to offer its money transfer service at agents’ premises – whether Appellant is carrying on a business of transmitting money in the UK – yes – whether Appellant liable to register in relation to such business – yes – whether Commissioners entitled to charge Appellant the registration fee when agents registered for other money transmission businesses operated from the same premises – yes – regs 10 and 14, Money Laundering Regulations 2003 – Article 1(B), EC Directive 91/308/EEC – appeal dismissed

Citations:

[2010] UKFTT 132 (TC)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 17 August 2022; Ref: scu.408967

In the Matter of the Universities Superannuation Scheme – Universities Superannuation Scheme Ltd v Simpson, Mcadoo, University of London: ChD 29 Apr 2004

Members of the superannuation scheme complained that trustees were calculating the benefits payable on early retirement by reference to the standard terms of employment, and even though they had particular and different terms.
Held: The calculation had to be with reference to the terms and conditions of the member who applied for the benefits.

Judges:

The Hon Mr Justice Lloyd

Citations:

[2004] EWHC 935 (Ch), Times 27-May-2004

Links:

Bailii

Statutes:

Pension Schemes Act 1993 71 74 180

Jurisdiction:

England and Wales

Citing:

Cited – Barber v Guardian Royal Exchange Assurance Group ECJ 17-May-1990
Europa The benefits paid by an employer to a worker on the latter’s redundancy constitute a form of pay to which the worker is entitled in respect of his employment, which is paid to him upon termination of the . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Trusts

Updated: 16 August 2022; Ref: scu.196630

Inversiones Frieira Sl and Another v Colyzeo Investors II Lp and Another: ChD 14 Jul 2011

The court was asked as to the extent to which an investor in a co-investment vehicle owned and managed by connected companies can discover what has actually happened to his money, and to what extent he must simply rely on what is reported to him by way of explanation as to why his investment had halved in value.

Judges:

Norris J

Citations:

[2011] EWHC 1762 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services, Trusts

Updated: 14 August 2022; Ref: scu.441824

Lehman Brothers International (Europe) v CRC Credit Fund Ltd and Others: ChD 20 Jan 2010

Citations:

[2010] EWHC 47 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

See Also – Lehman Brothers International (Europe) v CRC Credit Fund Ltd and Others ChD 15-Dec-2009
. .

Cited by:

See Also – CRC Credit Fund Ltd and Others v GLG Investments Plc (Sub-Fund: European Equity Fund) and Others CA 2-Aug-2010
. .
See Also – Lehman Brothers International (Europe), Re SC 29-Feb-2012
The court was asked to interpret the provisions as to ‘client money rules’ and ‘client money distribution rules’ in the FSA handbook, and to consider the consequences as to the applicable trusts. Substantial sums paid by clients to the bank before . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 13 August 2022; Ref: scu.393349

Lehman Brothers International (Europe) v CRC Credit Fund Ltd and Others: ChD 15 Dec 2009

Judges:

Briggs J

Citations:

[2009] EWHC 3228 (Ch), [2010] 2 BCLC 301

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

See Also – Lehman Brothers International (Europe) v CRC Credit Fund Ltd and Others ChD 20-Jan-2010
. .
Appeal from – CRC Credit Fund Ltd and Others v GLG Investments Plc (Sub-Fund: European Equity Fund) and Others CA 2-Aug-2010
. .
At first instance – Lehman Brothers International (Europe), Re SC 29-Feb-2012
The court was asked to interpret the provisions as to ‘client money rules’ and ‘client money distribution rules’ in the FSA handbook, and to consider the consequences as to the applicable trusts. Substantial sums paid by clients to the bank before . .
Lists of cited by and citing cases may be incomplete.

Insolvency, Financial Services

Updated: 11 August 2022; Ref: scu.384131

Bloom and Others v The Pensions Regulator (Nortel, Re): ChD 10 Dec 2010

Applications for directions by the administrators of twenty companies in two groups, all raising the same common questions as to the effect of the Financial Support Direction regime created by the Pensions Act 2004 upon companies in administration or insolvent liquidation.
Briggs J said that Lord Hoffmann’s speech in Toshoku established as ‘a general rule’ that: ‘ . . where by statute Parliament imposes a financial liability which is not a provable debt on a company in an insolvency process then, unless it constitutes an expense under any other sub-paragraph in the twin expenses regimes for liquidation and administration, it will constitute a necessary disbursement of the liquidator or administrator. That is the general rule, whether the statute expressly refers to companies in an insolvency process as being subject to the liability, or whether the statute achieves the same result by using a criterion for liability which is insolvency neutral. Any other conclusion would in my judgment attribute an excessive weight to the linguistic method by which different legislation achieved the same result, namely that the statutory obligation in question is a liability of a company in an insolvency process.’

Judges:

Briggs J

Citations:

[2010] EWHC 3010 (Ch), [2011] BCC 277, [2011] Pens LR 37, [2011] Bus LR 766

Links:

Bailii

Statutes:

Pensions Act 2004 43, Insolvency Rules 1986, Insolvency Act 1986

Jurisdiction:

England and Wales

Citing:

Explained – Kahn and Another v Commissioners of Inland Revenue; In re Toshoku Finance plc HL 20-Feb-2002
A company went into liquidation, being owed substantial sums by another company in the same group, but itself insolvent. A settlement did not include accrued interest, but was claimed to be taxed as if it had, and on an accruals basis. If so, was . .

Cited by:

At first instance (disapproved) – In re Nortel Companies and Others SC 24-Jul-2013
The court was asked as to the interrelationship of the statutory schemes relating to the protection of employees’ pensions and to corporate insolvency.
Held: Liabilities which arose from financial support directions or contribution notices . .
Appeal from – Bloom and Others v The Pensions Regulator and Others; In re Nortel GMBH (in administration CA 14-Oct-2011
‘These appeals raise important and difficult questions posed by the impact of legislation for the protection of pension funds upon companies which are undergoing an insolvency process.’ . .
Cited – LB Holdings Intermediate 2 Ltd, The Joint Administrators of v Lehman Brothers International (Europe), The Joint Administrators of and Others SC 17-May-2017
In the course of the insolvent administration of the bank, substantial additional sums were received. Parties appealed against some orders made on the application to court for directions as to what was to be done with the surplus.
Held: The . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Insolvency

Updated: 07 August 2022; Ref: scu.427288

Cukurova Finance International Ltd and Another, Regina (on The Application of) v HM Treasury and Another: Admn 29 Sep 2008

The claimant contended that section 2(2)(b) of the the 1972 Act did not confer power on Her Majesty’s Treasury to make the 2003 Regulations and, accordingly, they should be quashed or, alternatively, construed so as to be intra vires.

Judges:

Moses LJ

Citations:

[2008] EWHC 2567 (Admin), [2009] Eu LR 317

Links:

Bailii

Statutes:

Financial Collateral Arrangements Regulations 2003, European Communities Act 1972

Jurisdiction:

England and Wales

Cited by:

Cited – The United States of America v Nolan SC 21-Oct-2015
Mrs Nolan had been employed at a US airbase. When it closed, and she was made redundant, she complained that the appellant had not consulted properly on the redundancies. The US denied that it had responsibility to consult, and now appealed.
Lists of cited by and citing cases may be incomplete.

Financial Services, European

Updated: 07 August 2022; Ref: scu.381686

Henderson v Stephenson Harwood and Others: ChD 19 Jan 2005

The applicant appealed an award by the Pensions Ombudsman. He had been employed by the respondents as a solicitor in Hong Kong. He said it had been agreed that he would be be admitted to their pension scheme with retrospective effect.
Held: The section did not tie the Ombudsman to any particular remedy available to a court, though it was limited to making an order of the kind a court could make. Instead he had a wider discretion, and if he used that discretion, a court should be reluctant to intervene. The appeal was dismissed.

Judges:

Park J

Citations:

Times 27-Jan-2005

Statutes:

Pension Schemes Act 1993 151(2)

Jurisdiction:

England and Wales

Financial Services

Updated: 06 August 2022; Ref: scu.223073

Hillsdown Holdings Plc and HF Meat and Foods Processing Pension Scheme Trustees Limited v Commissioners of Inland Revenue: ChD 13 May 1999

A payment made out of a pension scheme which had subsequently been found unlawful and ordered to be repaid, was not a taxable payment as such. The payment had been made in good faith and on advice.

Citations:

Times 13-May-1999, [1999] EWHC Admin 219

Links:

Bailii

Statutes:

Income and Corporation Taxes Act 1988 601

Jurisdiction:

England and Wales

Corporation Tax, Financial Services

Updated: 06 August 2022; Ref: scu.81384

The Competition and Markets Authority v Concordia International Rx (UK) Ltd: ChD 16 Jan 2019

Application to vary search warrant.
Held: Refused.

Judges:

Marcus Smith J

Citations:

[2019] EWHC 47 (Ch), [2019] Bus LR 1000, [2019] WLR(D) 20

Links:

Bailii, WLRD

Jurisdiction:

England and Wales

Citing:

See Also – The Competition and Markets Authority v Concordia International Rx (UK) Ltd ChD 16-Nov-2017
The Authority had obtained and executed a search warrant against the defendant’s premises, but now sought to restrain disclosure of the materials upon which it had obtained that warrant, asserting Public Interest Immunity.
Held: An application . .
See Also – The Competition and Markets Authority (CMA) v Concordia International Rx (UK) Ltd CA 7-Aug-2018
The Authority had obtained a search warrant on an ex parte application. The defendant sought a rehearing, but the Authority sought to rely upon material for which it now asserted public interest immunity in material already used. At first instance, . .
See Also – The Competition and Markets Authority v Concordia International Rx (UK) Ltd ChD 8-Nov-2018
Whether to appoint special advocate. The Authority wished to pursue an investigation relying upon material for which it asserted Public Interest Immunity. . .
Cited – Haralambous, Regina (on The Application of) v Crown Court at St Albans and Another SC 24-Jan-2018
The appellant challenged by review the use of closed material first in the issue of a search warrant, and subsequently to justify the retention of materials removed during the search.
Held: The appeal failed. No express statutory justification . .
See Also – The Competition and Markets Authority v Concordia International Rx (UK) Ltd ChD 8-Nov-2018
Whether to appoint special advocate. The Authority wished to pursue an investigation relying upon material for which it asserted Public Interest Immunity. . .
Cited – The Competition and Markets Authority (CMA) v Concordia International Rx (UK) Ltd ChD 12-Dec-2018
Challenge to search warrants issued under the 1998 Act. . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 05 August 2022; Ref: scu.632708

Koksal (/A Arcis Management Consultancy) v Financial Conduct Authority: UTTC 22 Apr 2016

UTTC FINANCIAL SERVICES – Decision Notice refusing variation of permission to allow carry on credit broking debt adjusting and debt counselling activities – giving of Decision Notice terminated Applicant’s Interim Permission to carry on those activities – Application for direction to suspend effect of Decision Notice until reference disposed of – whether Tribunal satisfied that the direction to suspend the effect of the notice would not prejudice the interests of consumers – No – Application dismissed – Rule5(5) The Tribunal Procedure (Upper Tribunal) Rules 2008

Citations:

[2016] UKUT 192 (TCC)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 05 August 2022; Ref: scu.567345

Money Matcher Ltd v The Financial Conduct Authority: UTTC 13 Apr 2016

UTTC FINANCIAL SERVICES – Decision Notice refusing permission for authorisation to carry on debt adjusting and debt counselling activities – giving of Decision Notice terminated Applicant’s Interim Permission to carry on those activities – Application for direction to suspend effect of Decision Notice until reference disposed of -whether Tribunal satisfied that the direction to suspend the effect of the notice would not prejudice the interests of consumers – No – Application dismissed -Rule5(5) The Tribunal Procedure (Upper Tribunal) Rules 2008 Privacy – application for direction to prohibit publication of Decision Notice and for Register not contain particulars of the reference-whether prohibition justified – no-application dismissed-Rule 14 and para 3(3) Schedule 3 The Tribunal Procedure (Upper Tribunal) Rules 2008

Citations:

[2016]UKUT 211 (TCC)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 05 August 2022; Ref: scu.567346

Koksal (T/A Arcis Management Consultancy) v The Financial Conduct Authority: UTTC 17 Nov 2015

UTTC FINANCIAL SERVICES – procedure – application to make reference out of time – whether Tribunal satisfied that in all the circumstances application should be granted -no-Rule 2 and Schedule 3 Paragraph 2(2) Tribunal Procedure (Upper Tribunal) Rules 2008

Citations:

[2015] UKUT 603 (TCC)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 05 August 2022; Ref: scu.558951

Roberts v The Financial Conduct Authority: UTTC 8 Sep 2015

Withdrawal of approval to perform controlled functions pursuant to s. 63 FSMA, prohibition from performing any function in relation to regulated activity pursuant to s. 56 due to lack of integrity, breach of principles 1 and 6, imposition of financial penalty

Citations:

[2015] UKUT B2 (TCC)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 05 August 2022; Ref: scu.553200

Equitable Members Action Group, Regina (On the Application of) v Her Majesty’s Treasury: Admn 15 Oct 2009

The applicants sought judicial review of the defendant’s response to a report of the Parliamentary Ombudsman finding maladministration by the defendant in rejecting the recommendation for compensation.
Held: The respondent’s rejection of the recommendations in some cases lacked cogency and fell short of the requirement.
Carnwath LJ said: ”Discussion: In considering the application of Bradley to the facts of the present case, we agree with Mr. Lewis that the subject-matter of the challenges falls into three distinct categories:
i) First, the Government’s rejection of the Ombudsman’s findings (of maladministration or injustice, as the case may be).
ii) Secondly, the challenge to the Government’s rejection of the Ombudsman’s recommendation of a compensation scheme.
iii) Thirdly, the challenge to the Chadwick Terms of Reference, concerning the Government’s proposal for ex gratia payments.
As we see it, it is only in respect of (i), the actual findings of the Ombudsman, that the Bradley approach is directly applicable. Although not bound by them, the public body can only reject the findings of the Ombudsman for ‘cogent’ reasons, that is for reasons other than merely a preference for its own view. That is not a precise test, but it would be wrong in our view for us at this level to attempt a further definition of the ‘cogent’ reasons test or to suppose that there is some exhaustive list of such reasons. What is required instead is a careful examination of the facts of the individual case – with the focus resting upon the decision to reject the findings of the Ombudsman, rather than the Ombudsman’s findings themselves.
Particular factors weighing against rejection in the present case are the complex nature of the Ombudsman’s investigation, together with the fact that her findings were made after taking detailed expert advice, including actuarial advice; and the fact that the public bodies involved in the Ombudsman’s investigation had extensive opportunities to make representations. On the other hand, where it can be demonstrated that the Ombudsman has gone wrong in fact or in law, or where the Government has carried out further work not done by the Ombudsman, the case for rejection may be easier to justify.
As for (ii), the Government’s rejection of the Ombudsman’s recommendation for a compensation scheme, it was not and could not have been submitted that the recommendation was binding on the Government. There was no serious dispute that in this context the legal test is the conventional one of irrationality or Wednesbury unreasonableness. Further, as the context necessarily entails a consideration of the allocation of resources from the public purse, the Court would be likely to proceed with caution before intervening: see, De Smith’s Judicial Review (6th ed.), at para. 11- 014.’

Judges:

Carnwath LJ, Gross J

Citations:

[2009] EWHC 2495 (Admin)

Links:

Bailii

Statutes:

Insurance Companies Act 1982 37 45, Parliamentary Commissioner Act 1967

Citing:

Cited – Equitable Life Assurance Society v Hyman HL 20-Jul-2000
The directors of the Society had calculated the final bonuses to be allocated to policyholders in a manner which was found to be contrary to the terms of the policy. The language of the article conferring the power to declare such bonuses contained . .
Cited – Regina v Local Commissioner for Administration for the North and East Area of England ex parte Bradford Metropolitan City Council CA 1979
The court considered the meaning of ‘maladministration’ in the section.
Held: Lord Denning MR said: ‘It will cover ‘bias, neglect, inattention, delay, incompetence, ineptitude, perversity, turpitude, arbitrariness and so on.’ It ‘would be a . .
Cited – Regina v Parliamentary Commissioner for Administration ex parte Balchin Admn 25-Oct-1996
The petitioners complained that the Secretary of State for Transport was guilty of maladministration in confirming Road Orders without seeking an assurance from Norfolk County Council that the Balchins would be given adequate compensation for the . .
Cited – Regina v Commissioner for Local Administration ex parte S Admn 11-Nov-1998
Collins J said: ‘So far as injustice is concerned, it is clearly not enough that the Applicant feels that she has been unfairly treated and so has suffered an injustice. The law permits the Commissioner to find maladministration without injustice. . .
Applied – Bradley and Others, Regina (on the Application of) v Secretary of State for Work and Pensions CA 7-Feb-2008
Complaint was made as to a leaflet PEC 3 issued by the Department in 1996, intended to summarise the changes introduced by the Pensions Act 1995, and their purpose. One answer given was: ‘The Government wanted to remove any worries people had about . .

Cited by:

Cited – Gallagher and Another, Regina (on The Application of) v Basildon District Council Admn 9-Nov-2010
The claimant challenged the refusal of the Council to pay compensation as recommended by the Ombudsman. The Council had gathered personal details and information of the claimants in the course of a planning dispute, and then published that . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Administrative

Updated: 04 August 2022; Ref: scu.376139

Kommune and Another v DEPFA Acs Bank: ComC 4 Sep 2009

Local authorities in Denmark sought to recover sums paid to the defendant banks for swap trading, saying that the payments had been outwith their powers.

Judges:

Tomlinson J

Citations:

[2009] EWHC 2227 (Comm)

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Cited – Westdeutsche Landesbank Girozentrale v Islington London Borough Council HL 22-May-1996
Simple interest only on rate swap damages
The bank had paid money to the local authority under a contract which turned out to be ultra vires and void. The question was whether, in addition to ordering the repayment of the money to the bank on unjust enrichment principles, the court could . .
Cited – Guinness Mahon and Co Ltd v Kensington and Chelsea London Borough Council CA 2-Mar-1998
Where a local authority entered into a loan agreement outside its powers, the agreement was void ab initio, not merely voidable, and all moneys paid could be reclaimed. . .
Cited – Kleinwort Benson Ltd v Lincoln City Council etc HL 29-Jul-1998
Right of Recovery of Money Paid under Mistake
Kleinwort Benson had made payments to a local authority under swap agreements which were thought to be legally enforceable when made. Subsequently, a decision of the House of Lords, (Hazell v. Hammersmith and Fulham) established that such swap . .
Cited – Deutsche Morgan Grenfell Group Plc v Inland Revenue and Another HL 25-Oct-2006
The tax payer had overpaid Advance Corporation Tax under an error of law. It sought repayment. The revenue contended that the claim was time barred.
Held: The claim was in restitution, and the limitation period began to run from the date when . .
Cited – Lipkin Gorman (a Firm) v Karpnale Ltd HL 6-Jun-1991
The plaintiff firm of solicitors sought to recover money which had been stolen from them by a partner, and then gambled away with the defendant. He had purchased their gaming chips, and the plaintiff argued that these, being gambling debts, were . .
Cited – NIRU Battery Manufacturing Company and Another v Milestone Trading Ltd and others ComC 8-May-2003
There was a contract for the sale of lead ingots. The sale was supported by letters of credit but inaccurate certificates were issued to release payment. The parties sought now to amend the contributions in the light of the Royal Brompton Hospital . .
Cited – Goss and others v Laurence George Chilcott As Liquidator of Central Acceptance Limited (In Liquidation) PC 23-May-1996
(New Zealand) Mr and Mrs Goss, had been granted a loan by the claimant finance company under a mortgage instrument that had been avoided by the claimant because it had been fraudulently altered by Mr Haddon, an employee of the claimant, without the . .

Cited by:

Appeal From – Haugesund Kommune and Another v Depfa Acs Bank CA 27-May-2010
. .
Lists of cited by and citing cases may be incomplete.

Financial Services, Local Government, Banking

Updated: 04 August 2022; Ref: scu.374385

The Law Debenture Trust Plc v Lonrho Africa Trade and Finance Ltd and Another: ChD 17 Dec 2002

Application by the sole trustee of the John Holt Pension Scheme seeking the determination by the Court of a number of questions of construction relating to the power of the trustee to augment benefits.

Judges:

Mr Justice Patten

Citations:

[2002] EWHC 2732 (Ch), [2003] Pen LR 13

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 03 August 2022; Ref: scu.658066

Lloyd v Financial Services Authority: FSMT 9 Jul 2009

FSMT PERFORMANCE OF REGULATED ACTIVITIES application for approval non-disclosure of the fact that the Applicant resigned from previous employment during the course of disciplinary proceedings – whether Applicant fit and proper to perform controlled function CF30 no FSandMA 2000 s.61(1)

Judges:

D Brice

Citations:

[2009] UKFSM FSM069

Links:

Bailii

Financial Services

Updated: 03 August 2022; Ref: scu.373727

SRM Global Master Fund Lp and Others v Her Majesty’s Treasury: CA 28 Jul 2009

The claimants appealed rejection of their claim for compensation as shareholders on the rescue of Northern Rock plc.

Citations:

[2009] EWCA Civ 788

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Cited – Handyside v The United Kingdom ECHR 7-Dec-1976
Freedom of Expression is Fundamental to Society
The appellant had published a ‘Little Red Schoolbook’. He was convicted under the 1959 and 1964 Acts on the basis that the book was obscene, it tending to deprave and corrupt its target audience, children. The book claimed that it was intended to . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Damages

Updated: 30 July 2022; Ref: scu.365617

Regina v Panel on Take-overs and Mergers, ex parte Fayed: CA 1992

This was a renewed application for leave to apply for judicial review of decisions of the Panel not to adjourn its disciplinary proceedings against Mr Fayed.

Judges:

Neill LJ, Steyn LJ

Citations:

[1992] BCC 524

Jurisdiction:

England and Wales

Cited by:

Cited – Regina v Executive Counsel of the JDS, ex parte Hipps ChD 1996
The court considered the law as to whether disciplinary procedings should be stayed pending the outcome of civil proceedings.
Held: The court was not reviewing the decision not to adjourn the proceedings, but exercising an original . .
Cited – Regina v Chance, ex parte Smith QBD 1995
The applicant sought to delay disciplinary proceedings by the accountancy body pending the outcome of civil litigation over a related matter.
Held: ‘ . . as Parliament has entrusted the initial valuation of the case against the applicants to . .
Cited – Land and others v the Executive Counsel of the Joint Disciplinary Scheme QBD 15-Oct-2002
The applicants were partners and staff in Ernst and Young. They sought a stay of disciplinary proceedings brought against them by the accountancy regulators pending resolution of the civil claim against them in respect of closely related issues . .
Lists of cited by and citing cases may be incomplete.

Litigation Practice, Financial Services

Updated: 24 July 2022; Ref: scu.198151

Lloyds TSB General Insurance Holdings and others v Lloyds Bank Group Insurance Company Ltd: HL 31 Jul 2003

The applicant had paid out many claims for mis-selling pensions. They sought to claim under their insurance. The claims met the requirements of the principle insurance, but the insurance companies sought to impose a limit by aggregation.
Held: The absence of a training or monitoring system, even though an independent breach of the rules, was legally irrelevant to the civil liability of the TSB companies. It is wrong to allow doubts about the possibly practical application of the clause to produce a construction which undermines the balance of the clause. Each of the claims did not arise from a ‘single act or omission’. Nor did each of them arise from a ‘related series of acts or omissions’. Each arose from a separate contravention of rule 3.4(4)(a). The preliminary point raised was answered in favour of the insurers

Judges:

Lord Nicholls of Birkenhead, Lord Hoffmann, Lord Hobhouse of Woodborough, Lord Millett, Lord Walker of Gestingthorpe

Citations:

[2003] UKHL 48, [2003] Lloyds Rep IR 623, [2003] 4 All ER 43, [2003] 2 All ER (Comm) 665, [2003] Pens LR 315

Links:

Bailii, House of Lords

Jurisdiction:

England and Wales

Citing:

Cited – Cox v Bankside Members Agency Ltd and Others CA 16-May-1995
Successful Lloyds names were entitled to enforce their claims in the normal time sequence. The transfer of the rights of the insured against the insurer under section 1(1) the 1930 Act takes place on the event of insolvency, even if the insured’s . .
Cited – AXA Reinsurance (UK) Plc v Field HL 12-Sep-1996
The terms originating ’cause’ and ‘event’ are to be differently construed, one means a continuing situation and the other refers to a discrete event.
Under the ‘LMX Spiral’ Lloyds’ syndicates wrote substantial excess of loss business.The cross . .
Cited – Municipal Mutual Insurance Limited v Sea Insurance Company Limited and Others CA 26-Mar-1998
The unifying event in an aggregation clause in an insurance policy was expressed in very general terms: ‘all occurrences of a series consequent on or attributable to one source or original cause.’
Held: As long as one could find any act, event . .
Cited – Caudle and Others v Sharp; Grove v Sharp CA 1995
A series of 32 asbestosis reinsurance contracts had been underwritten by Mr Outhwaite him without doing any proper assessment of the risk. The insurance had the wording: ‘each and every loss and/or occurrence . . and/or series of losses and/or . .
At First Instance – Lloyds TSB General Insurance Holdings Ltd and others v Lloyds Bank Group Insurance Company Ltd ComC 6-Oct-2000
. .
Appeal from – Lloyds TSB General Insurance Holdings Limited (and Others), Abbey National Plc v Lloyds Bank Group Insurance Company Limited, Lee (and Others) CA 8-Nov-2001
Construction of aggregation clauses in insurance contracts . .

Cited by:

Cited – AIG Europe Ltd v Woodman and Others SC 22-Mar-2017
The parties disputed the effect of a clause aggregating claims for the purposes of limiting an insurer’s liability under professional negligence insurance.
Held: the claims of each group of investors arise from acts or omissions in a series of . .
Lists of cited by and citing cases may be incomplete.

Insurance, Financial Services

Updated: 24 July 2022; Ref: scu.185219