Frasers Group PLC v Saxo Bank A/S & Anor

Frasers Group PLC v Saxo Bank A/S & Anor

Permission to amend is granted because the amendments, though late, are not very late, are sufficiently particularised, pass the merits test, and any prejudice to the claimant is outweighed by the prejudice to the defendant if not permitted. The required expert evidence falls within the scope of the existing order if permission is granted.

Parties
Claimant: Frasers Group PLC; First Defendant: Saxo Bank A/S; Second Defendant: Morgan Stanley & Co. International PLC
Jurisdiction
England and Wales
Judgment Date
19 November 2024
Procedural Posture
Commercial / Application for Permission to Amend Defence
Outcome
Permission to amend defence granted; application for permission to appeal refused.
Legal Topics
Amendment of Pleadings, Mitigation of Loss, Expert Evidence, Costs
Civil Procedure Commercial Law Amendment of Pleadings Mitigation of Loss Expert Evidence Costs

Case Brief

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Parties

Frasers Group PLC

Claimant

Saxo Bank A/S

First Defendant

Morgan Stanley & Co. International PLC

Second Defendant

Procedural Posture

Commercial / Application for Permission to Amend Defence

Legal Issues

  1. 1 Whether permission should be granted to Morgan Stanley to amend its defence to include two new points relevant to quantum and mitigation of loss
  2. 2 Whether the proposed amendments require expert evidence outside the scope of the existing order
  3. 3 Whether the timing of the application and potential prejudice justify refusing permission

Ratio Decidendi

Permission to amend is granted because the amendments, though late, are not very late, are sufficiently particularised, pass the merits test, and any prejudice to the claimant is outweighed by the prejudice to the defendant if not permitted. The required expert evidence falls within the scope of the existing order if permission is granted.

Court Disposition

Permission to amend defence granted; application for permission to appeal refused.

Orders

  • Morgan Stanley is granted permission to amend its defence as sought.
  • Claimant to pay the costs of and occasioned by the application for permission to amend.