Sharp & Ors v Blank & Ors [2015] EWHC 3219 (Ch) (12 November 2015)

Sharp & Ors v Blank & Ors [2015] EWHC 3219 (Ch) (12 November 2015)

The court declined to grant summary judgment on the LIBOR allegation because it could not confidently conclude that the Claimants' case was fanciful or without substance before disclosure. The possibility remained that further evidence at trial could support the Claimants' case, and it would be unjust to shut out the claim at this stage.

Citation
[2015] EWHC 3219 (Ch)
Parties
Claimants: Sharp & Others; Defendants: Blank & others
Jurisdiction
England and Wales
Judgment Date
12 November 2015
Procedural Posture
Civil (chancery Division) / Interlocutory Application for Summary Judgment Under CPR 24.2
Outcome
Application for summary judgment on the LIBOR allegation dismissed.
Legal Topics
Summary Judgment, Disclosure Obligations, Director's Duties, Misrepresentation, LIBOR Manipulation
Company Law Banking Law Civil Procedure Summary Judgment Disclosure Obligations Director's Duties Misrepresentation LIBOR Manipulation

Case Brief

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Parties

Sharp & Others

Claimants

Blank & others

Defendants

Procedural Posture

Civil (chancery Division) / Interlocutory Application for Summary Judgment Under CPR 24.2

Legal Issues

  1. 1 Whether the Claimants have a real prospect of success on the allegation that Lloyds directors knew of HBOS's LIBOR manipulation at the relevant time
  2. 2 Whether summary judgment should be granted on the LIBOR allegation under CPR 24.2

Ratio Decidendi

The court declined to grant summary judgment on the LIBOR allegation because it could not confidently conclude that the Claimants' case was fanciful or without substance before disclosure. The possibility remained that further evidence at trial could support the Claimants' case, and it would be unjust to shut out the claim at this stage.

Court Disposition

Application for summary judgment on the LIBOR allegation dismissed.

Orders

  • Summary judgment on the LIBOR allegation refused; the issue to proceed to trial.