Aabar Holdings SARL & Ors v Glencore Plc & Ors [2024] EWHC 1556 (Comm) (23 May 2024)

Aabar Holdings SARL & Ors v Glencore Plc & Ors [2024] EWHC 1556 (Comm) (23 May 2024)

Claimants must provide full particulars in the standing information table, including aftermarket definitions and chain of custody, by a fixed date. All Claimants must respond substantively to quantum requests for information by 30 September 2024, with reasoned objections if necessary. The trial will be split between...

Source-derived case information.

Citation
[2024] EWHC 1556 (Comm)
Parties
Claimants: AABAR HOLDINGS S.À. R. L & OTHERS; First Defendant: GLENCORE PLC; Second Defendant: MR IVAN GLASENBERG; Third Defendant: MR STEVEN KALMIN; Fourth Defendant: MR ANTHONY HAYWARD; Interested Party: Wirral Council (as administering authority for Merseyside Pension Fund)
Jurisdiction
England and Wales
Judgment Date
23 May 2024
Procedural Posture
Commercial Court Multi Party Securities Litigation / First Case Management Conference (cmc)
Outcome
Case management directions given; no final determination of substantive claims.
Legal Topics
FSMA S.90 and S.90 a Claims, Bribery and Corruption, Misrepresentation in Prospectuses, Standing to Sue, Disclosure Obligations, Case Management, Limitation Periods, Costs Management
Financial Services Law Securities Litigation Company Law Civil Procedure FSMA S.90 and S.90 a Claims Bribery and Corruption Misrepresentation in Prospectuses Standing to Sue +4 more

Source-derived case record

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 12 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Parties

AABAR HOLDINGS S.À. R. L & OTHERS

Claimants

GLENCORE PLC

First Defendant

MR IVAN GLASENBERG

Second Defendant

MR STEVEN KALMIN

Third Defendant

MR ANTHONY HAYWARD

Fourth Defendant

Wirral Council (as administering authority for Merseyside Pension Fund)

Interested Party

Procedural Posture

Commercial Court Multi Party Securities Litigation / First Case Management Conference (cmc)

Legal Issues

  1. 1 Whether Claimants have standing to bring claims under s.90 and s.90A FSMA
  2. 2 Whether Claimants must provide detailed particulars of share acquisition and chain of custody
  3. 3 Whether trial should be split between liability and quantum

Ratio Decidendi

Claimants must provide full particulars in the standing information table, including aftermarket definitions and chain of custody, by a fixed date. All Claimants must respond substantively to quantum requests for information by 30 September 2024, with reasoned objections if necessary. The trial will be split between liability (T1) and quantum (T2). Costs budgets (precedent H and R) must be exchanged before the second CMC to inform the court's decision on costs management. Disclosure directions are made as set out, with further issues to be resolved at the second CMC.

Court Disposition

Case management directions given; no final determination of substantive claims.

Orders

  • All Claimants to complete standing information table (including aftermarket definitions and chain of custody) by 16 September 2024.
  • Defendants to respond to standing information table by 28 October 2024.