November 11, 2024
Developments in UK/EU Collective Actions
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Source: Financial Services Focus Podcast
Join us for a new episode of Financial Services Focus with Mayer Brown partners Airlie Goodman (London) and Archis Parasharami (Washington, DC), who co-lead Mayer Brown’s class action and collective actions practice, as they explore the growing risks posed by the rise of collective action regimes across the UK and Europe. Airlie and Archis discuss the need for financial services institutions with a presence in the UK or EU to be aware of their potential exposure to these regimes.
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English High Court clarifies scope of FSMA securities litigation
A recent decision of the High Court in a strike out application in securities class action litigation has clarified the scope of s90A and Schedule 10A of the Financial Services and Markets Act 2000 ("FSMA") regarding reliance and dishonest delay, making it harder for claimants to bring securities claims against UK-listed companies. In the specific case, the decision has led to the claims of 241 of the 465 claimants being struck out, resulting in a £330 million reduction from the £560 million overall claim value.
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