Persons Identified in Schedule 1 to the Re-Re-Amended Particulars of Claim v Standard Chartered PLC

Persons Identified in Schedule 1 to the Re-Re-Amended Particulars of Claim v Standard Chartered PLC

The Court of Appeal held that the judge at first instance correctly applied the legal principles, found no real risk of prosecution or regulatory sanction under US law if disclosure was ordered, and properly balanced the interests of justice in disclosure against confidentiality and comity. The appeal was dismissed and disclosure into a confidentiality ring was upheld.

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
12 August 2025
Procedural Posture
Civil Appeal / Appeal From High Court Judgment on Disclosure Application
Outcome
Appeal dismissed
Legal Topics
Disclosure of Documents, Confidentiality Obligations to Foreign Regulators, Comity, Sections 90 and 90 a Financial Services and Markets Act 2000, Risk of Prosecution Under Foreign Law, Balancing Exercise in Disclosure Applications
Civil Procedure Financial Regulation Banking Law Disclosure of Documents Confidentiality Obligations to Foreign Regulators Comity Sections 90 and 90 a Financial Services and Markets Act 2000 Risk of Prosecution Under Foreign Law +1 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 4 Authorities cited 13 Party arguments 2 Amounts and remedies 10
Sign in to unlock

Parties

Persons identified in schedule 1 to the Re-Re-Amended Particulars of Claim

Claimants/respondents

Standard Chartered PLC

Defendant/appellant

Procedural Posture

Civil Appeal / Appeal From High Court Judgment on Disclosure Application

Legal Issues

  1. 1 Whether the English court should order disclosure of documents subject to confidentiality obligations to US regulators
  2. 2 Whether there is a real risk of criminal prosecution or regulatory sanction under US law if disclosure is ordered
  3. 3 How the court should balance the interests of justice in disclosure against comity and foreign confidentiality obligations

Ratio Decidendi

The Court of Appeal held that the judge at first instance correctly applied the legal principles, found no real risk of prosecution or regulatory sanction under US law if disclosure was ordered, and properly balanced the interests of justice in disclosure against confidentiality and comity. The appeal was dismissed and disclosure into a confidentiality ring was upheld.

Court Disposition

Appeal dismissed

Orders

  • Disclosure of US SAR Documents and CSI Documents into a confidentiality ring
  • No withholding order granted over the documents