Real Estate Opportunities Ltd v Aberdeen Asset Managers Jersey Ltd & Ors [2007] EWCA Civ 197 (09 March 2007)

Real Estate Opportunities Ltd v Aberdeen Asset Managers Jersey Ltd & Ors [2007] EWCA Civ 197 (09 March 2007)

Section 348 FSMA does not prohibit disclosure of confidential information already known to the recipient or attributed to it under the general law; inspection of warning notices does not constitute publication under section 391 FSMA; the judge did not err in exercising discretion to order inspection subject to redaction of genuinely confidential information.

Citation
[2007] EWCA Civ 197
Parties
Claimant/respondent: Real Estate Opportunities Limited; Defendant/1st Appellant: Aberdeen Asset Managers Jersey Limited; Defendant/2nd Appellant: Aberdeen Asset Managers Limited; Defendant/3rd Appellant: UBS Limited
Jurisdiction
England and Wales
Judgment Date
09 March 2007
Procedural Posture
Civil Appeal / Court of Appeal Judgment on Appeal From High Court (chancery Division)
Outcome
Appeal dismissed
Legal Topics
Disclosure and Inspection of Documents, Confidential Information, Statutory Interpretation, Attribution of Knowledge to Corporations
Financial Services Law Civil Procedure Disclosure and Inspection of Documents Confidential Information Statutory Interpretation Attribution of Knowledge to Corporations

Case Brief

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Parties

Real Estate Opportunities Limited

Claimant/respondent

Aberdeen Asset Managers Jersey Limited

Defendant/1st Appellant

Aberdeen Asset Managers Limited

Defendant/2nd Appellant

UBS Limited

Defendant/3rd Appellant

Procedural Posture

Civil Appeal / Court of Appeal Judgment on Appeal From High Court (chancery Division)

Legal Issues

  1. 1 Whether section 348 of the Financial Services and Markets Act 2000 (FSMA) prohibits disclosure of documents containing confidential information already known to the recipient or attributed to it under general law
  2. 2 Whether section 391 of FSMA prohibits inspection of warning notices as constituting publication
  3. 3 Whether the judge erred in exercising discretion to order inspection of documents under CPR 31 despite objections

Ratio Decidendi

Section 348 FSMA does not prohibit disclosure of confidential information already known to the recipient or attributed to it under the general law; inspection of warning notices does not constitute publication under section 391 FSMA; the judge did not err in exercising discretion to order inspection subject to redaction of genuinely confidential information.

Court Disposition

Appeal dismissed

Orders

  • Inspection of documents to be given subject to redaction of genuinely confidential information not already known to the defendants or attributed to them under general law
  • Inspection of warning notices permitted as it does not constitute publication under section 391 FSMA