Allianz Funds Multi- Strategy Trust (on behalf of AllianzGI Best Styles Global Equity Fund) & Ors v Barclays Bank PLC

Allianz Funds Multi- Strategy Trust (on behalf of AllianzGI Best Styles Global Equity Fund) & Ors v Barclays Bank PLC

The court ordered a middle-ground approach: both parties will select 10 funds each to answer the full reliance questionnaire and 40 funds each to answer a slimmed-down version by 31 May 2024. This balances the need for proper pleading and case management with proportionality and avoids unmanageable burdens. Permission was granted to amend the claim form to add Amundi Funds as claimants, as the changes did not alter the essential description of the claim.

Parties
Claimant: Allianz Funds Multi-Strategy Trust (on behalf of AllianzGI Best Styles Global Equity Fund) and Others; Respondent: Barclays Bank PLC
Jurisdiction
England and Wales
Judgment Date
11 October 2024
Procedural Posture
Civil Financial Services Litigation / Case Management Conference (cmc) Directions Order
Outcome
Directions given for sampling, reliance questionnaires, and amendment of claim form; permission granted to add Amundi Funds as claimants.
Legal Topics
Section 90 and 90 a FSMA 2000, Pleading Requirements, Reliance in Securities Litigation, Sampling in Group Litigation, Amendment of Claim Form, Standing of Claimants, Limitation Issues
Financial Services Law Civil Procedure Section 90 and 90 a FSMA 2000 Pleading Requirements Reliance in Securities Litigation Sampling in Group Litigation Amendment of Claim Form Standing of Claimants +1 more

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Parties

Allianz Funds Multi-Strategy Trust (on behalf of AllianzGI Best Styles Global Equity Fund) and Others

Claimant

Barclays Bank PLC

Respondent

Procedural Posture

Civil Financial Services Litigation / Case Management Conference (cmc) Directions Order

Legal Issues

  1. 1 Whether all claimants must answer a detailed reliance questionnaire at this stage
  2. 2 Appropriate sampling and timing for reliance evidence
  3. 3 Directions for split trial and sampling process

Ratio Decidendi

The court ordered a middle-ground approach: both parties will select 10 funds each to answer the full reliance questionnaire and 40 funds each to answer a slimmed-down version by 31 May 2024. This balances the need for proper pleading and case management with proportionality and avoids unmanageable burdens. Permission was granted to amend the claim form to add Amundi Funds as claimants, as the changes did not alter the essential description of the claim.

Court Disposition

Directions given for sampling, reliance questionnaires, and amendment of claim form; permission granted to add Amundi Funds as claimants.

Orders

  • Claimants and Barclays to each select 10 funds to answer the full reliance questionnaire and 40 funds to answer a slimmed-down version by 31 May 2024.
  • Claimants to provide a draft of the slimmed-down questionnaire within 14 days; parties to exchange lists and amendments as directed.