Daniels & Anor v Lloyds Bank Plc & Anor

Daniels & Anor v Lloyds Bank Plc & Anor

Rule 17.1 did not authorise the retrospective introduction of Rule 6.4 to the Claimants' awards; the Integration Awards vested upon satisfaction of performance conditions as determined by the Remuneration Committee on 14 March 2012; the Defendants' refusal to transfer the shares was not justified under the LTIP Rules; and Rule 15.7 did not exclude the Claimants' claims for the awards.

Parties
Claimant: John Eric Daniels; Claimant: George Truett Tate; Defendant: Lloyds Bank PLC; Defendant: Lloyds Banking Group PLC
Jurisdiction
England and Wales
Judgment Date
27 March 2018
Procedural Posture
Civil (commercial) / Summary Judgment Application
Outcome
Summary judgment granted for the Claimants
Legal Topics
Long Term Incentive Plans (ltip), Unilateral Variation of Contract, Employment Compensation, Summary Judgment, Interpretation of Discretionary Clauses
Employment Law Contract Law Equity and Trusts Long Term Incentive Plans (ltip) Unilateral Variation of Contract Employment Compensation Summary Judgment Interpretation of Discretionary Clauses

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 5 Authorities cited 32 Party arguments 2 Amounts and remedies 6
Sign in to unlock

Parties

John Eric Daniels

Claimant

George Truett Tate

Claimant

Lloyds Bank PLC

Defendant

Lloyds Banking Group PLC

Defendant

Procedural Posture

Civil (commercial) / Summary Judgment Application

Legal Issues

  1. 1 Whether Rule 6.4 was validly introduced to the LTIP under Rule 17.1
  2. 2 Whether the Integration Awards vested
  3. 3 Whether the exercise of discretion under Rule 6.4 was lawful

Ratio Decidendi

Rule 17.1 did not authorise the retrospective introduction of Rule 6.4 to the Claimants' awards; the Integration Awards vested upon satisfaction of performance conditions as determined by the Remuneration Committee on 14 March 2012; the Defendants' refusal to transfer the shares was not justified under the LTIP Rules; and Rule 15.7 did not exclude the Claimants' claims for the awards.

Court Disposition

Summary judgment granted for the Claimants

Orders

  • Declaration that the Claimants are entitled to the Integration Awards under the LTIP
  • Order requiring the Defendants to transfer the shares due under the Awards to the Claimants