Astle & Ors v CBRE Ltd [2015] EWHC 3189 (Ch) (05 November 2015)

Astle & Ors v CBRE Ltd [2015] EWHC 3189 (Ch) (05 November 2015)

The court held that the SAAMCo principle applies to limit recoverable losses to those attributable to inaccurate information, but found that the scope of ERIML's duty may arguably be broader than a valuer's, covering viability of the transaction. The claims raise triable issues and have realistic prospects of success, so summary judgment and strike out applications are refused.

Citation
[2015] EWHC 3189 (Ch)
Parties
Claimant: Edward Astle & Others; Defendant: CBRE Limited; Claimant: Stephen Abbott & Others; Defendant: Evans Randall Investment Management Limited; Defendant: Evans Randall (UK) Limited; Defendant: Evans Randall International Limited; Claimant: Zarthustra Jal Amrolia
Jurisdiction
England and Wales
Judgment Date
05 November 2015
Procedural Posture
Summary Judgment/strike Out Applications / Interlocutory
Outcome
Summary judgment and strike out applications refused; claims to proceed to trial.
Legal Topics
Negligent Misstatement, Duty of Care, Scope of Duty, Valuation, Investment Loss, Summary Judgment, Strike Out, FSMA Compliance
Financial Services Professional Negligence Commercial Law Negligent Misstatement Duty of Care Scope of Duty Valuation Investment Loss +3 more

Case Brief

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Parties

Edward Astle & Others

Claimant

CBRE Limited

Defendant

Stephen Abbott & Others

Claimant

Evans Randall Investment Management Limited

Defendant

Evans Randall (UK) Limited

Defendant

Evans Randall International Limited

Defendant

Zarthustra Jal Amrolia

Claimant

Procedural Posture

Summary Judgment/strike Out Applications / Interlocutory

Legal Issues

  1. 1 Whether ERIML and CBRE owed duties of care to Claimants regarding information in the Information Memorandum
  2. 2 Whether the scope of duty limits recoverable losses under SAAMCo principles
  3. 3 Whether the claims have realistic prospects of success for trial

Ratio Decidendi

The court held that the SAAMCo principle applies to limit recoverable losses to those attributable to inaccurate information, but found that the scope of ERIML's duty may arguably be broader than a valuer's, covering viability of the transaction. The claims raise triable issues and have realistic prospects of success, so summary judgment and strike out applications are refused.

Court Disposition

Summary judgment and strike out applications refused; claims to proceed to trial.

Orders

  • Applications for summary judgment and strike out dismissed.
  • Claims to be managed together for case management and proceed to trial.