Allianz Funds Multi-Strategy Trust & Ors v Barclays Plc

Allianz Funds Multi-Strategy Trust & Ors v Barclays Plc

Claims based solely on Price/Market Reliance, where claimants did not read or receive the published information, do not satisfy the reliance requirement under Schedule 10A, Paragraph 3 of FSMA 2000. Liability for dishonest delay under Paragraph 5 only arises where information is eventually published; there is no liability for permanent non-disclosure. Accordingly, claims by tracker/index funds in Category C and all claims for dishonest delay are struck out or dismissed on summary judgment as they have no real prospect of success.

Parties
Claimant: Allianz Funds Multi-Strategy Trust (on behalf of AllianzGI Best Styles Global Equity Fund) and Others; Defendant: Barclays PLC
Jurisdiction
England and Wales
Judgment Date
25 October 2024
Procedural Posture
Civil Securities Litigation / Judgment on Strike Out and Summary Judgment Applications
Outcome
Strike out and summary judgment granted for Defendant against Category C claims and all claims for dishonest delay.
Legal Topics
Misrepresentation, Reliance, Omissions, Dishonest Delay, Summary Judgment, Strike Out, FSMA S.90 a, Schedule 10 a, Class Actions
Securities Law Company Law Financial Regulation Misrepresentation Reliance Omissions Dishonest Delay Summary Judgment +4 more

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Parties

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

Claimant

Barclays PLC

Defendant

Procedural Posture

Civil Securities Litigation / Judgment on Strike Out and Summary Judgment Applications

Legal Issues

  1. 1 Whether 'Price/Market Reliance' satisfies the reliance requirement under Schedule 10A, Paragraph 3 of FSMA 2000
  2. 2 Whether liability for dishonest delay under Paragraph 5 arises absent publication of information
  3. 3 Whether claims by tracker/index funds that did not read published information can proceed under s.90A

Ratio Decidendi

Claims based solely on Price/Market Reliance, where claimants did not read or receive the published information, do not satisfy the reliance requirement under Schedule 10A, Paragraph 3 of FSMA 2000. Liability for dishonest delay under Paragraph 5 only arises where information is eventually published; there is no liability for permanent non-disclosure. Accordingly, claims by tracker/index funds in Category C and all claims for dishonest delay are struck out or dismissed on summary judgment as they have no real prospect of success.

Court Disposition

Strike out and summary judgment granted for Defendant against Category C claims and all claims for dishonest delay.

Orders

  • Claims by 241 funds/sub-funds in Category C (Price/Market Reliance) are struck out or dismissed on summary judgment.
  • All claims for dishonest delay under Paragraph 5 are struck out or dismissed.