Sharp & Ors v Blank & Ors

Sharp & Ors v Blank & Ors

The court cannot say with confidence at this stage that the Claimants' case on the LIBOR allegation is fanciful or without substance. Disclosure has not yet taken place, and it is possible that further material may emerge relevant to the directors' knowledge. Therefore, summary judgment is not appropriate.

Parties
Claimants: Sharp & Others; Defendants: Blank & Others
Jurisdiction
England and Wales
Judgment Date
12 November 2015
Procedural Posture
Civil / Interlocutory Application for Summary Judgment
Outcome
Summary judgment refused on the LIBOR allegation.
Legal Topics
Summary Judgment, Directors' Duties, Misrepresentation, LIBOR Manipulation, Disclosure Obligations
Banking Law Company Law Civil Procedure Summary Judgment Directors' Duties Misrepresentation LIBOR Manipulation Disclosure Obligations

Case Brief

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Parties

Sharp & Others

Claimants

Blank & Others

Defendants

Procedural Posture

Civil / Interlocutory Application for Summary Judgment

Legal Issues

  1. 1 Whether the Claimants have a real prospect of success on the allegation that the Defendant directors knew of and failed to disclose HBOS's manipulation of LIBOR submissions
  2. 2 Whether summary judgment should be granted on the LIBOR allegation under CPR 24.2

Ratio Decidendi

The court cannot say with confidence at this stage that the Claimants' case on the LIBOR allegation is fanciful or without substance. Disclosure has not yet taken place, and it is possible that further material may emerge relevant to the directors' knowledge. Therefore, summary judgment is not appropriate.

Court Disposition

Summary judgment refused on the LIBOR allegation.

Orders

  • The application for summary judgment on the LIBOR allegation under CPR 24.2 is dismissed.