Stokors SA & Ors v IG Markets Ltd

Stokors SA & Ors v IG Markets Ltd

The trial date should be maintained for the determination of the defendant's liability, with quantum and equitable remedies to be determined at a later stage if necessary. Evidence of general reputation for honesty is inadmissible in civil proceedings, including cases involving allegations of dishonesty, as the applicable test is objective and established practice excludes such evidence.

Parties
Claimant/respondent: Stokors SA & Ors; Defendant/appellant: IG Markets Limited
Jurisdiction
England and Wales
Judgment Date
06 July 2012
Procedural Posture
Civil (commercial) / Interlocutory Applications Before Trial; Application to Amend Defence and Application to Strike Out Character Evidence
Outcome
Application for split trial granted; application to strike out character evidence granted.
Legal Topics
Accessory Liability, Knowing Assistance, Knowing Receipt, Dishonesty (civil Standard), Admissibility of Character Evidence, Insider Trading Allegations, Split Trial Procedure
Equity and Trusts Civil Procedure Evidence Accessory Liability Knowing Assistance Knowing Receipt Dishonesty (civil Standard) Admissibility of Character Evidence +2 more

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Parties

Stokors SA & Ors

Claimant/respondent

IG Markets Limited

Defendant/appellant

Procedural Posture

Civil (commercial) / Interlocutory Applications Before Trial; Application to Amend Defence and Application to Strike Out Character Evidence

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 the determination of the defendant's liability, with quantum and equitable remedies to be determined at a later stage if necessary. Evidence of general reputation for honesty is inadmissible in civil proceedings, including cases involving allegations of dishonesty, as the applicable test is objective and established practice excludes such evidence.

Court Disposition

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

Orders

  • Trial date in November maintained for liability issues only; quantum and equitable remedies to be determined subsequently.
  • Listing office requested to extend trial length to end of term.