Manning & Napier Fund, Inc & Anor v Tesco Plc

Manning & Napier Fund, Inc & Anor v Tesco Plc

The court held that Tesco is entitled to specific disclosure regarding ETC's supervision of the Advisor, as such documents are relevant to the issues of agency, reliance, and causation. The court further held that the MLB Claimants' application to rely on late supplemental evidence for the Lost Profits Claim should be refused unless and until sufficient disclosure is provided by a set deadline, and only if such disclosure does not cause material prejudice to Tesco or necessitate expert evidence. Relief from sanctions is not granted at this stage but may be considered after disclosure is completed and reviewed.

Parties
Claimant: Manning & Napier Fund, Inc.; Claimant: Exeter Trust Company; Defendant: Tesco PLC
Jurisdiction
England and Wales
Judgment Date
31 July 2020
Procedural Posture
Civil / Interlocutory Applications at Pre Trial Review
Outcome
Specific disclosure ordered; permission to rely on supplemental evidence refused unless conditions met; no relief from sanctions granted at this stage.
Legal Topics
Disclosure of Documents, Relief From Sanctions, Agency, Damages—lost Profits, Case Management
Civil Procedure Trusts and Equity Commercial Law Disclosure of Documents Relief From Sanctions Agency Damages—lost Profits Case Management

Case Brief

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Parties

Manning & Napier Fund, Inc.

Claimant

Exeter Trust Company

Claimant

Tesco PLC

Defendant

Procedural Posture

Civil / Interlocutory Applications at Pre Trial Review

Legal Issues

  1. 1 Whether the Defendant is entitled to specific disclosure regarding the supervision by the Second Claimant of its investments in Tesco.
  2. 2 Whether the Claimants should be granted permission and relief from sanctions to rely on late supplemental evidence in support of their Lost Profits Claim.

Ratio Decidendi

The court held that Tesco is entitled to specific disclosure regarding ETC's supervision of the Advisor, as such documents are relevant to the issues of agency, reliance, and causation. The court further held that the MLB Claimants' application to rely on late supplemental evidence for the Lost Profits Claim should be refused unless and until sufficient disclosure is provided by a set deadline, and only if such disclosure does not cause material prejudice to Tesco or necessitate expert evidence. Relief from sanctions is not granted at this stage but may be considered after disclosure is completed and reviewed.

Court Disposition

Specific disclosure ordered; permission to rely on supplemental evidence refused unless conditions met; no relief from sanctions granted at this stage.

Orders

  • MLB Claimants to provide specific disclosure regarding ETC's supervision of investments in Tesco shares for the period 5 November 2009 to 31 December 2014, as detailed in the judgment.
  • MLB Claimants to provide, by 14 August 2020, disclosure relevant to the Lost Profits Claim as specified and amended by the court.