Allianz Funds Multi-Strategy Trust & Ors v Barclays Plc [2024] EWHC 2710 (Ch) (25 October 2024)

Allianz Funds Multi-Strategy Trust & Ors v Barclays Plc [2024] EWHC 2710 (Ch) (25 October 2024)

The court held that the Category C claims based on market/price reliance by tracker/index funds should not be struck out or summarily dismissed at this stage. The statutory language of s.90A and Schedule 10A FSMA does not preclude such claims, and the issue of whether market/price reliance suffices is fact-sensitive and should be determined at trial with the benefit of evidence. The claimants' proposed amendments to clarify their case on dishonest delay and loss were allowed.

Citation
[2024] EWHC 2710 (Ch)
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
Financial List (chancery Division) Strike Out and Amendment Applications / Interlocutory Judgment on Strike Out and Amendment Applications
Outcome
Defendant's strike out and summary judgment application dismissed; claimants' amendment application granted.
Legal Topics
Section 90 a FSMA Liability, Schedule 10 a FSMA, Reliance in Securities Claims, Strike Out Applications, Summary Judgment, Disclosure Obligations, Market Reliance, Index/tracker Funds, Measure of Damages
Financial Services Law Securities Litigation Company Law Section 90 a FSMA Liability Schedule 10 a FSMA Reliance in Securities Claims Strike Out Applications Summary Judgment +4 more

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 2 Authorities cited 6 Party arguments 2 Amounts and remedies 7
Sign in to unlock

Parties

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

Claimant

Barclays PLC

Defendant

Procedural Posture

Financial List (chancery Division) Strike Out and Amendment Applications / Interlocutory Judgment on Strike Out and Amendment Applications

Legal Issues

  1. 1 Whether claims based on 'market/price reliance' by tracker/index funds are sustainable under s.90A and Schedule 10A FSMA
  2. 2 Whether the pleadings disclose a reasonable cause of action for 241 Category C claims
  3. 3 Whether summary judgment should be granted for the defendant on those claims

Ratio Decidendi

The court held that the Category C claims based on market/price reliance by tracker/index funds should not be struck out or summarily dismissed at this stage. The statutory language of s.90A and Schedule 10A FSMA does not preclude such claims, and the issue of whether market/price reliance suffices is fact-sensitive and should be determined at trial with the benefit of evidence. The claimants' proposed amendments to clarify their case on dishonest delay and loss were allowed.

Court Disposition

Defendant's strike out and summary judgment application dismissed; claimants' amendment application granted.

Orders

  • 241 Category C claims not struck out or summarily dismissed; to proceed to trial.
  • Permission granted to claimants to amend Particulars of Claim and Particulars of Quantum as proposed.