Persons Identified in Schedule 1 to the Re-Re-Amended Particulars of Claim v Standard Chartered PLC [2025] EWCA Civ 1581 (05 December 2025)

Persons Identified in Schedule 1 to the Re-Re-Amended Particulars of Claim v Standard Chartered PLC [2025] EWCA Civ 1581 (05 December 2025)

The Court of Appeal held that the judge at first instance applied the correct legal principles, properly assessed the evidence, and was entitled to conclude that Standard Chartered had not demonstrated a real or actual risk of criminal prosecution or regulatory sanction under US law if disclosure was made pursuant to an English court order. The balancing exercise was correctly performed, giving due weight to the relevance and importance of the documents to the fair disposal of the proceedings. The appeal was dismissed.

Citation
[2025] EWCA Civ 1581
Parties
Claimants/respondents: Persons Identified in Schedule 1 to the Re-Re-Amended Particulars of Claim; Defendant/appellant: Standard Chartered PLC
Jurisdiction
England and Wales
Judgment Date
05 December 2025
Procedural Posture
Appeal (civil) / Court of Appeal Judgment on Appeal From High Court (business and Property Courts, Financial List)
Outcome
Appeal dismissed
Legal Topics
Disclosure of Documents, Confidentiality Obligations, Foreign Law and Comity, Financial Services and Markets Act 2000 (fsma), Sanctions Compliance, Regulatory Investigations
Civil Procedure Financial Services Law Banking Law Disclosure of Documents Confidentiality Obligations Foreign Law and Comity Financial Services and Markets Act 2000 (fsma) Sanctions Compliance +1 more

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Parties

Persons Identified in Schedule 1 to the Re-Re-Amended Particulars of Claim

Claimants/respondents

Standard Chartered PLC

Defendant/appellant

Procedural Posture

Appeal (civil) / Court of Appeal Judgment on Appeal From High Court (business and Property Courts, Financial List)

Legal Issues

  1. 1 Whether the English court should order disclosure of documents subject to foreign regulatory confidentiality and potential criminal/civil sanctions under US law.
  2. 2 Whether there is a real or actual risk of prosecution or regulatory sanction if Standard Chartered discloses US SAR Documents and CSI Documents pursuant to an English court order.
  3. 3 Whether the documents in question are of sufficient relevance and importance to the fair disposal of the proceedings to justify disclosure despite foreign law constraints.

Ratio Decidendi

The Court of Appeal held that the judge at first instance applied the correct legal principles, properly assessed the evidence, and was entitled to conclude that Standard Chartered had not demonstrated a real or actual risk of criminal prosecution or regulatory sanction under US law if disclosure was made pursuant to an English court order. The balancing exercise was correctly performed, giving due weight to the relevance and importance of the documents to the fair disposal of the proceedings. The appeal was dismissed.

Court Disposition

Appeal dismissed

Orders

  • Disclosure of the US SAR Documents and CSI Documents to be made into a confidentiality ring as ordered by the High Court.
  • No order withholding disclosure pending foreign regulator consent.