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England and Wales decisions
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The court held that Greece validly exercised its purchase option under Condition 6.1 and correctly calculated the Call Price for GDP-linked securities.
Reliance issues must be tried at Trial 1 alongside defendant-side liability issues, as parties can be ready and there is no sufficient justification for deferral. Narrative documents will not be disclosed absent specificity. Early disclosure is refused; relevant documents will be disclosed in due course. Additional custodians (Umar and Samir Kamani) are included; assistant company secretary is excluded. Claimants must provide full particulars of reliance (Tables 1-3) by 22 May 2026.
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Quantum judgment in the Autonomy litigation addressing FSMA, deceit, and misrepresentation loss, with detailed counterfactual valuation and currency issues.
The Upper Tribunal held that Metro Bank breached Listing Rule 1.3.3R in its Q3 2018 update, found the CEO and CFO knowingly concerned, and reduced both penalties.
Wirral Council v Indivior PLC [2025] EWCA Civ 40 (23 January 2025)
Court of Appeal dismissed Wirral Council’s appeal over representative proceedings in FSMA securities claims, holding the judge could prefer multi-party proceedings under the overriding objective.
The Court of Appeal dismissed Wirral Council’s appeal over representative proceedings in section 90A FSMA claims, upholding strike out in favour of multi-party litigation.
The adjustment provision in the GDP-linked securities requires an annual adjustment to the Base Case GDP for each year after a rebasing, using a fraction based on GDP measured in both the new and original base years for each year. The language of the provision is clear and cannot bear the meaning contended for by the Republic. There is an implied term requiring the Republic to publish the necessary GDP data in the original base year series. The Chartbrook principle does not apply as there is no clear mistake or obvious correction. The Republic's alternative (Hubbard Deflator) construction is…
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A split trial is ordered: T1 will address standing, Defendant's-side common issues, and common reliance issues; T2 will address all other reliance issues, limitation, causation, and quantum. The trial date is postponed to October 2026 to accommodate expanded disclosure. Unless orders for questionnaire compliance are not yet justified but any further extension will be on an unless basis. Quantum particulars to be provided on a rolling basis with a backstop date. Claimants to pay costs of the Part 18 application, to be assessed if not agreed.
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The court held that Schedule 10A requires actual reliance on published information, not mere market-price reliance, and struck out Category C and dishonest-delay claims.
Permission to amend was granted for all but two of the proposed amendments because the claimants satisfied the relevant legal tests under CPR Part 17.4 and 19.6, including the Sardinia Sulcis test, and the balance of prejudice favoured allowing the amendments. The claimants notified the defendant before expiry of the limitation period, and although there was unjustified delay and errors, these did not outweigh the prejudice to the claimants if permission were refused. Amendments to C221 and C13B were refused as they failed the threshold test for mistake as to name versus identity.
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