Various Claimants v Standard Chartered Plc

Various Claimants v Standard Chartered Plc

Brutus Allegations are adequately pleaded with sufficient evidential foundation and should proceed to trial; Maxpower non-executive directors cannot be PDMRs under s.90A FSMA unless pleaded as de facto directors, so allegations against them are struck out; individual reliance claims are properly pleaded with authority and statement of truth, and further particulars will be provided as case management directs; further information on standing, reliance, and loss to be provided by specified dates; no order for further particulars on Bank Knowledge Representations pending disclosure.

Parties
Claimant: Various Claimants; Defendant: Standard Chartered plc
Jurisdiction
England and Wales
Judgment Date
11 October 2024
Procedural Posture
Civil / First Case Management Conference; Ruling on Strike Out, Summary Judgment, and CPR Part 18 Applications
Outcome
SC plc's applications to strike out and for summary judgment are dismissed in relation to Brutus Allegations, Group Executive PDMRs, and individual reliance claims; application is allowed in relation to Maxpower non-executive directors as PDMRs.
Legal Topics
Issuer Liability, Misleading Statements, Sanctions Compliance, Bribery, Reliance, Strike Out, Summary Judgment, Disclosure, Standing, Quantum
Financial Services Law Company Law Civil Procedure Issuer Liability Misleading Statements Sanctions Compliance Bribery Reliance +5 more

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Parties

Various Claimants

Claimant

Standard Chartered plc

Defendant

Procedural Posture

Civil / First Case Management Conference; Ruling on Strike Out, Summary Judgment, and CPR Part 18 Applications

Legal Issues

  1. 1 Whether Brutus Allegations are adequately pleaded and should be struck out or subject to summary judgment
  2. 2 Whether Maxpower non-executive directors can be considered PDMRs under s.90A FSMA
  3. 3 Adequacy of pleading and particulars for individual reliance claims

Ratio Decidendi

Brutus Allegations are adequately pleaded with sufficient evidential foundation and should proceed to trial; Maxpower non-executive directors cannot be PDMRs under s.90A FSMA unless pleaded as de facto directors, so allegations against them are struck out; individual reliance claims are properly pleaded with authority and statement of truth, and further particulars will be provided as case management directs; further information on standing, reliance, and loss to be provided by specified dates; no order for further particulars on Bank Knowledge Representations pending disclosure.

Court Disposition

SC plc's applications to strike out and for summary judgment are dismissed in relation to Brutus Allegations, Group Executive PDMRs, and individual reliance claims; application is allowed in relation to Maxpower non-executive directors as PDMRs.

Orders

  • Strike out allegation that four Maxpower non-executive directors were PDMRs of SC plc
  • Claimants to provide further information on standing by 15 December 2023