Sivagnanam v Barclays Bank Plc (Rev 1)

Sivagnanam v Barclays Bank Plc (Rev 1)

The claimant, as sole shareholder and director, is not within the class of persons protected by the relevant statutory regime (FSMA s.138D and associated rules), and his losses are reflective of the company's losses. The claim is therefore not maintainable in law and must be dismissed.

Parties
Claimant/respondent: Mr Suresh Sivagnanam; Defendant/applicant: Barclays Bank PLC
Jurisdiction
England and Wales
Judgment Date
04 December 2015
Procedural Posture
Commercial Claim (application to Strike Out/summary Judgment) / Judgment on Application for Summary Judgment And/or Strike Out
Outcome
Claim dismissed by summary judgment.
Legal Topics
Reflective Loss, Statutory Duty Under FSMA, Limitation of Actions, Mis Selling of Financial Products, Summary Judgment
Financial Services Law Company Law Civil Procedure Reflective Loss Statutory Duty Under FSMA Limitation of Actions Mis Selling of Financial Products Summary Judgment

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 3 Authorities cited 7 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Parties

Mr Suresh Sivagnanam

Claimant/respondent

Barclays Bank PLC

Defendant/applicant

Procedural Posture

Commercial Claim (application to Strike Out/summary Judgment) / Judgment on Application for Summary Judgment And/or Strike Out

Legal Issues

  1. 1 Whether a sole shareholder/director can bring a claim under s.138D FSMA for losses suffered by the company
  2. 2 Whether the claim is barred as reflective loss
  3. 3 Whether the claim is time-barred under the Limitation Act

Ratio Decidendi

The claimant, as sole shareholder and director, is not within the class of persons protected by the relevant statutory regime (FSMA s.138D and associated rules), and his losses are reflective of the company's losses. The claim is therefore not maintainable in law and must be dismissed.

Court Disposition

Claim dismissed by summary judgment.

Orders

  • Summary judgment entered for Barclays Bank PLC.
  • Claim by Mr Suresh Sivagnanam dismissed in its entirety.