Rowe & Ors v Ingenious Media Holdings Plc & Ors

Rowe & Ors v Ingenious Media Holdings Plc & Ors

A two-stage process is ordered: (1) claimants must provide a schedule of investments (and specific potential tax planning schemes on which advice was sought or received) for a defined period before and after the Ingenious investments; (2) claimants must disclose documents sufficient to show the nature and risk of those investments, limited to tax planning schemes for non-adviser claims. This approach is proportionate, addresses the sophistication and loss issues, and avoids unnecessary extended disclosure.

Parties
Claimants: Mr Nigel Rowe & Others; Defendants: Ingenious Media Holdings PLC & Others
Jurisdiction
England and Wales
Judgment Date
02 July 2020
Procedural Posture
Civil Multi Party Financial Litigation / Case Management Conference (cmc 3) Disclosure Ruling
Outcome
Application for extended disclosure allowed in part; structured disclosure process ordered.
Legal Topics
Disclosure, Financial Adviser Negligence, Causation of Loss, Investment Sophistication, Tax Planning Schemes
Civil Procedure Banking and Finance Law Professional Negligence Disclosure Financial Adviser Negligence Causation of Loss Investment Sophistication Tax Planning Schemes

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Parties

Mr Nigel Rowe & Others

Claimants

Ingenious Media Holdings PLC & Others

Defendants

Procedural Posture

Civil Multi Party Financial Litigation / Case Management Conference (cmc 3) Disclosure Ruling

Legal Issues

  1. 1 Whether claimants should give disclosure of other investments and/or investment advice sought or received
  2. 2 Appropriate scope and limits of such disclosure
  3. 3 Relevance of claimants' financial sophistication and investment history to claims against advisers and Ingenious Defendants

Ratio Decidendi

A two-stage process is ordered: (1) claimants must provide a schedule of investments (and specific potential tax planning schemes on which advice was sought or received) for a defined period before and after the Ingenious investments; (2) claimants must disclose documents sufficient to show the nature and risk of those investments, limited to tax planning schemes for non-adviser claims. This approach is proportionate, addresses the sophistication and loss issues, and avoids unnecessary extended disclosure.

Court Disposition

Application for extended disclosure allowed in part; structured disclosure process ordered.

Orders

  • Claimants to provide a schedule of investments (and potential tax planning schemes advised upon) for each relevant period.
  • Claimants to disclose documents sufficient to show the nature and risk of such investments, limited to tax planning schemes for non-adviser claims.