Persons Identified in Schedule 1 v Standard Chartered PLC [2025] EWHC 698 (Ch) (25 March 2025)

Persons Identified in Schedule 1 v Standard Chartered PLC [2025] EWHC 698 (Ch) (25 March 2025)

The Common Reliance Claims, based solely on market/price reliance without the claimants or their agents having read or considered the published information, are not legally viable under para. 3 of Schedule 10A FSMA. The requirement of 'reliance' in para. 3 must be given substantive content and, following Barclays, is not satisfied by mere reliance on market price. Judicial comity and the current state of the law require following Barclays unless convinced it is wrong, which the court is not. The claims are therefore struck out or dismissed by summary judgment.

Citation
[2025] EWHC 698 (Ch)
Parties
Claimants: Persons Identified in Schedule 1; Defendant: Standard Chartered PLC
Jurisdiction
England and Wales
Judgment Date
25 March 2025
Procedural Posture
Strike Out / Summary Judgment Application (financial List, Chancery Division) / Interlocutory (pre Trial)
Outcome
Application granted. Common Reliance Claims struck out or dismissed by summary judgment.
Legal Topics
Statutory Interpretation of FSMA Schedule 10 a, Reliance in Securities Claims, Strike Out and Summary Judgment Principles, Judicial Comity, Market/price Reliance, Omissions and Misstatements Liability
Financial Services Law Securities Litigation Company Law Statutory Interpretation of FSMA Schedule 10 a Reliance in Securities Claims Strike Out and Summary Judgment Principles Judicial Comity Market/price Reliance +1 more

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Parties

Persons Identified in Schedule 1

Claimants

Standard Chartered PLC

Defendant

Procedural Posture

Strike Out / Summary Judgment Application (financial List, Chancery Division) / Interlocutory (pre Trial)

Legal Issues

  1. 1 Whether 'common reliance' or 'market reliance' claims under para. 3 of Schedule 10A FSMA are legally viable
  2. 2 Whether the requirement of 'reliance' in para. 3 can be satisfied by reliance on market price rather than direct or conduit reliance on published information
  3. 3 Whether the reasoning in Allianz Funds Multi-Strategy Trust v Barclays plc [2024] EWHC 2710 (Ch) should be followed

Ratio Decidendi

The Common Reliance Claims, based solely on market/price reliance without the claimants or their agents having read or considered the published information, are not legally viable under para. 3 of Schedule 10A FSMA. The requirement of 'reliance' in para. 3 must be given substantive content and, following Barclays, is not satisfied by mere reliance on market price. Judicial comity and the current state of the law require following Barclays unless convinced it is wrong, which the court is not. The claims are therefore struck out or dismissed by summary judgment.

Court Disposition

Application granted. Common Reliance Claims struck out or dismissed by summary judgment.

Orders

  • The Common Reliance Claims under para. 3 of Schedule 10A FSMA are struck out or dismissed by summary judgment.
  • The Delay Claims under para. 5 are not struck out at this stage and may proceed.