Manning & Napier Fund, Inc & Anor v Tesco Plc [2020] EWHC 2106 (Ch) (31 July 2020)

Manning & Napier Fund, Inc & Anor v Tesco Plc [2020] EWHC 2106 (Ch) (31 July 2020)

The court held that further disclosure regarding ETC's supervision of investments was relevant and proportionate, and ordered the MLB Claimants to provide such disclosure. On the Lost Profits Claim, the court found the MLB Claimants' breach serious and without good reason, but did not entirely disqualify them from relief. The court refused immediate relief from sanctions, instead requiring the MLB Claimants to provide specified disclosure by a set date, after which the court would determine if permission to rely on the late evidence should be granted, based on whether Tesco could fairly test the evidence and whether expert evidence would be required.

Citation
[2020] EWHC 2106 (Ch)
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 / Pre Trial Review (ptr) – Interlocutory Applications
Outcome
Applications resolved in part; further disclosure ordered; relief from sanctions for late evidence deferred pending compliance and review.
Legal Topics
Disclosure of Documents, Relief From Sanctions, Agency Relationship, Damages – Lost Profits, Case Management
Civil Procedure Trusts and Equity Financial Litigation Disclosure of Documents Relief From Sanctions Agency Relationship 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 / Pre Trial Review (ptr) – Interlocutory Applications

Legal Issues

  1. 1 Whether the MLB Claimants must provide further specific disclosure regarding ETC's supervision of investments in Tesco shares.
  2. 2 Whether the MLB Claimants should be granted relief from sanctions and permission to rely on late supplemental evidence for their Lost Profits Claim.

Ratio Decidendi

The court held that further disclosure regarding ETC's supervision of investments was relevant and proportionate, and ordered the MLB Claimants to provide such disclosure. On the Lost Profits Claim, the court found the MLB Claimants' breach serious and without good reason, but did not entirely disqualify them from relief. The court refused immediate relief from sanctions, instead requiring the MLB Claimants to provide specified disclosure by a set date, after which the court would determine if permission to rely on the late evidence should be granted, based on whether Tesco could fairly test the evidence and whether expert evidence would be required.

Court Disposition

Applications resolved in part; further disclosure ordered; relief from sanctions for late evidence deferred pending compliance and review.

Orders

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