Various Claimants v Standard Chartered PLC [2023] EWHC 2756 (Ch) (08 November 2023)

Various Claimants v Standard Chartered PLC [2023] EWHC 2756 (Ch) (08 November 2023)

The Brutus Allegations are adequately pleaded and supported by sufficient evidential foundation to proceed to trial; there is no basis for strike out or summary judgment. The Maxpower/Bribery Scheme allegations as to the Group Executive are sufficiently pleaded regarding PDMR knowledge, but claims based solely on the knowledge of Maxpower non-executive directors (not alleged to be de facto directors of SC plc) are unsustainable under current law and are struck out. The Individual Reliance Claims require further information but are not struck out at this stage.

Citation
[2023] EWHC 2756 (Ch)
Parties
Claimant: Various Claimants; Defendant: Standard Chartered PLC
Jurisdiction
England and Wales
Judgment Date
08 November 2023
Procedural Posture
Financial List (ch D) Securities Litigation / First Case Management Conference; Applications for Strike Out, Reverse Summary Judgment, and Further Information
Outcome
Application to strike out or for summary judgment on Brutus Allegations dismissed; application to strike out Maxpower/Bribery Scheme claims based on non-executive directors allowed; directions for further information on Individual Reliance Claims granted.
Legal Topics
Issuer Liability Under FSMA, Strike Out and Summary Judgment, Pleading Fraud and Dishonesty, Market Statements and Prospectus Liability, Reliance in Securities Claims, Director Liability (pdmr), Bribery and Sanctions Compliance
Financial Services Law Securities Law Civil Procedure Issuer Liability Under FSMA Strike Out and Summary Judgment Pleading Fraud and Dishonesty Market Statements and Prospectus Liability Reliance in Securities Claims +2 more

Case Brief

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Parties

Various Claimants

Claimant

Standard Chartered PLC

Defendant

Procedural Posture

Financial List (ch D) Securities Litigation / First Case Management Conference; Applications for Strike Out, Reverse Summary Judgment, and Further Information

Legal Issues

  1. 1 Whether the Brutus Allegations should be struck out or subject to reverse summary judgment
  2. 2 Whether the Maxpower/Bribery Scheme allegations under s.90A FSMA are adequately pleaded as to PDMR knowledge
  3. 3 Whether the Individual Reliance Claims are sufficiently pleaded

Ratio Decidendi

The Brutus Allegations are adequately pleaded and supported by sufficient evidential foundation to proceed to trial; there is no basis for strike out or summary judgment. The Maxpower/Bribery Scheme allegations as to the Group Executive are sufficiently pleaded regarding PDMR knowledge, but claims based solely on the knowledge of Maxpower non-executive directors (not alleged to be de facto directors of SC plc) are unsustainable under current law and are struck out. The Individual Reliance Claims require further information but are not struck out at this stage.

Court Disposition

Application to strike out or for summary judgment on Brutus Allegations dismissed; application to strike out Maxpower/Bribery Scheme claims based on non-executive directors allowed; directions for further information on Individual Reliance Claims granted.

Orders

  • Brutus Allegations to proceed to trial.
  • Maxpower/Bribery Scheme claims under s.90A FSMA based solely on Maxpower non-executive directors struck out.