Back in November 2015, we posted an article on the new Financial List in the UK High Court. Since then it has been confirmed by Mr. Justice Blair that the Financial List is “operating well” and the List appears to have proved popular, with at least eight new cases commenced there and two that have been transferred, covering a wide range of financial transactions (see speech by Mr Justice Blair in the Institute of Commercial and Corporate Law annual lecture).
Two cases have now reached trial in the List, including a case relating to the terms of a surety bonds facility which was transferred to the List at the request of the parties, in part due to the significance to the markets of issues regarding the interpretation of Loan Market Association documentation (see GSO Credit – A Partners LP & Ors v Barclays Bank plc v HCC International Insurance Company plc [2016] ECHW 146).
Perhaps more interestingly, a decision has recently been handed down regarding a contested application to transfer proceedings to the List. In Property Alliance Group Limited v Royal Bank of Scotland plc [2016] EWHC 207 (Ch), the significance of the subject-matter to the markets and to other cases involving similar issues (in particular, allegations concerning swaps misselling and LIBOR rate fixing), and assurances from the defendant that the trial date would not be disrupted, persuaded the Court to grant the defendant’s transfer application, despite the fact that this meant replacing the assigned judge after 15 months and that the claim was for c.£29m in damages (well below the £50m minimum in the criteria for the Financial List).
We make no comment on the merits of the transfer application in the PAG case or the motivations of the defendant for bringing the application. However, as investors in financial services disputes, we are interested to see the extent to which transfer applications could be used as a tactical tool for litigants in (existing) proceedings which meet the criteria for the List. Contested transfer applications are likely to be rare but there could be more cases where one party is unhappy with the incumbent judge and wishes to take their chances with a new assigned judge on the List and the other party prefers to maintain the status quo. The PAG decision provides useful guidance regarding whether the Court will be able to grant the transfer in such matters.
Topics covered ASIC and the private credit markets including the recent collapse of First Guardian, Shield and Australian Fiduciaries; what to expect from changes to Australia’s climate disclosure regime; and a discussion unpacking the Australian class action market, including insights on how funders raise and deploy capital and emerging trends in class actions.
The session brought together leading voices in the industry Sarah Johnson from The D.E. Shaw Group, Robert Marven KC, Susan Dunn from Harbour, and Nicholas Marler from Litica, expertly moderated by Elena Rey from Brown Rudnick LLP.
Two wonderful celebrations of Balance’s 10-year anniversary, one in Sydney at the Museum of Contemporary Art and another in London at the Tate Modern.
As part of our 10-year anniversary celebrations, we were lucky enough to spend some time together in Bath.
A landmark YouGov survey commissioned by the Association of Litigation Funders of Australia (AALF) has revealed overwhelming public support for class actions as a vital tool for justice and corporate accountability in Australia.
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Balance is a member of the Association of Litigation Funders of England & Wales. Our membership of the ALF requires us to satisfy on an ongoing basis stringent financial and capital adequacy tests and to comply with the ALF Code of Conduct.
Balance is a founding member of the Association of Litigation Funders of Australia, and a member of ILFA, the International Legal Finance Association.
Balance Legal Capital LLP is authorised and regulated by the UK’s Financial Conduct Authority.
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