Stokors SA & Ors v IG Markets Ltd [2012] EWHC 2504 (Comm) (06 July 2012)

Stokors SA & Ors v IG Markets Ltd [2012] EWHC 2504 (Comm) (06 July 2012)

The trial date should be maintained for determination of liability, with quantum and equitable remedies to be addressed subsequently; evidence of general reputation for honesty is inadmissible in civil proceedings for accessory liability, as the test for dishonesty is objective and established practice excludes such evidence.

Citation
[2012] EWHC 2504 (Comm)
Parties
Claimant/respondent: Stokors SA & Ors; Defendant/appellant: IG Markets Limited
Jurisdiction
England and Wales
Judgment Date
06 July 2012
Procedural Posture
Commercial Court Civil Claim (accessory Liability) / Interlocutory Application (case Management Conference)
Outcome
Application for split trial granted; application to strike out character evidence granted.
Legal Topics
Accessory Liability, Knowing Assistance, Knowing Receipt, Dishonesty in Civil Proceedings, Admissibility of Character Evidence, Insider Trading Allegations, Case Management (split Trials)
Civil Procedure Equity and Trusts Financial Services Accessory Liability Knowing Assistance Knowing Receipt Dishonesty in Civil Proceedings Admissibility of Character Evidence +2 more

Case Brief

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Parties

Stokors SA & Ors

Claimant/respondent

IG Markets Limited

Defendant/appellant

Procedural Posture

Commercial Court Civil Claim (accessory Liability) / Interlocutory Application (case Management Conference)

Legal Issues

  1. 1 Whether the trial date should be vacated or a split trial ordered due to late amendment alleging insider trading
  2. 2 Whether evidence of general reputation for honesty is admissible in civil proceedings involving allegations of dishonesty

Ratio Decidendi

The trial date should be maintained for determination of liability, with quantum and equitable remedies to be addressed subsequently; evidence of general reputation for honesty is inadmissible in civil proceedings for accessory liability, as the test for dishonesty is objective and established practice excludes such evidence.

Court Disposition

Application for split trial granted; application to strike out character evidence granted.

Orders

  • Trial on liability to proceed as scheduled in November; quantum and equitable remedies to be determined at a later stage.
  • Defendant's proposed character evidence struck out as inadmissible.