Articles by author
Reliance revisited: High Court construes statutory requirements for UK securities fraud claims
In Allianz Funds Multi-Strategy Trust v Barclays plc [2024] EWHC 2710 (Ch) the High Court struck out claims by investors in Barclays plc by those who did not claim to have read the Bank’s market publications, and all claims for dishonest delay. In doing so it made potentially far-reaching findings as to the scope of UK securities legislation.
6 FEB 2025UK securities fraud litigation gains momentum: Autonomy and G4S
This article examines two recent decisions in securities fraud cases: (i) ACL Netherlands v Lynch [2022] EWHC 1178 (Ch) (Autonomy); and (ii) Allianz Global Investors GmbH v G4S Limited [2022] EWHC 1081. The former considered such important questions as what published information is caught by s 90A of the Financial Services and Markets Act 2000 (FSMA), how statements in such information are to be construed, what constitutes the requisite guilty knowledge and how reliance is to be proved. In the latter case, the court held that so-called “person discharging managerial responsibility” (PDMR) status in these claims is limited to English law concepts of directorship but emphasised the potential elasticity of de facto directorship in particular.
1 SEP 2022
