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Published 13 October 2020
Two events have defined 2020: Covid-19 and the Black Lives Matter movement. Whilst these events have tragedy at their core, they have brought into sharp focus the need for, and benefits of, diversity and inclusion and present a real opportunity for change.
Alison Levitt QC’s independent report into the fashion giant, Boohoo PLC, is a timely reminder that companies need to investigate their supply chains carefully.
October 2020 was all set for the first ever trial of claims brought by shareholder groups under Section 90A Financial Services and Markets Act 2020 (FSMA) against a company. However, we will all need to wait for the court to dip its feet into the untested waters of s90A and provide some much-needed clarity on its operation following the news that the Tesco Litigation settled last month.
The recent Supreme Court judgment in Sevilleja v Marex (July 2020) has narrowed the scope of the legal principle of reflective loss. It confirms that reflective loss does not prevent claims by non-shareholders, which may increase the likelihood of claims against directors and officers.
Stanford International Bank v. HSBC considered a novel point - whether a claim against a bank for an alleged breach of the Quincecare duty should be struck out where the account holder had (allegedly) suffered no loss.
In Hamblin & Hamblin v World First Ltd and Moorwand NL Ltd, the High Court refused to strike out representative proceedings brought by the victims of a fraud against a payment services provider indicating the Court’s willingness to consider the further expansion of the duties and responsibilities that financial institutions have when giving effect to payment instructions.
In the US, courts have largely found statements of “puffery”, also described as “corporate optimism”, to be non-actionable. In the wake of the #MeToo movement and the Covid-19 pandemic however, plaintiffs are undeterred and the landscape is being re-evaluated.
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