Various Claimants v Standard Chartered PLC

Various Claimants v Standard Chartered PLC

It is not reasonable or proportionate to order Model E disclosure for IFDs 8, 10, and 11 at this stage; Model D disclosure is ordered with the possibility of targeted applications after initial disclosure. Inclusion of IFD11 in DRD is ordered as it is adequately pleaded. Extension of searches to 34 additional custodians is denied for now, but limited extension to two individuals is ordered, with further consideration possible at resumed hearing. Date range for disclosure is set at four months before custodians become PDMRs. Disclosure of employment contracts for alleged de facto directors is ordered, subject to redaction of irrelevant material.

Parties
Claimant: Various Claimants; Defendant: Standard Chartered PLC
Jurisdiction
England and Wales
Judgment Date
15 April 2024
Procedural Posture
Civil / Disclosure Guidance Hearing
Outcome
Partial grant of disclosure applications; further hearing required for remaining issues.
Legal Topics
Disclosure, Group Litigation, Section 90 a FSMA, De Facto Directors, Employment Contracts
Civil Procedure Financial Services Law Disclosure Group Litigation Section 90 a FSMA De Facto Directors Employment Contracts

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 3 Authorities cited 5 Party arguments 2 Amounts and remedies 4
Sign in to unlock

Parties

Various Claimants

Claimant

Standard Chartered PLC

Defendant

Procedural Posture

Civil / Disclosure Guidance Hearing

Legal Issues

  1. 1 Whether new IFD11 should be included in the Disclosure Review Document (DRD)
  2. 2 Appropriate disclosure model for IFDs 8, 10, and 11
  3. 3 Whether searches should be extended to 34 additional custodians

Ratio Decidendi

It is not reasonable or proportionate to order Model E disclosure for IFDs 8, 10, and 11 at this stage; Model D disclosure is ordered with the possibility of targeted applications after initial disclosure. Inclusion of IFD11 in DRD is ordered as it is adequately pleaded. Extension of searches to 34 additional custodians is denied for now, but limited extension to two individuals is ordered, with further consideration possible at resumed hearing. Date range for disclosure is set at four months before custodians become PDMRs. Disclosure of employment contracts for alleged de facto directors is ordered, subject to redaction of irrelevant material.

Court Disposition

Partial grant of disclosure applications; further hearing required for remaining issues.

Orders

  • IFD11 to be included in DRD Section 1.
  • Model D disclosure ordered for IFDs 8, 10, and 11; Model E disclosure denied at this stage.