Key Facts
- •Second CMC in Financial List action: Investors in Barclays v Barclays PLC
- •Disputes over sample case selection, trial issues, and reliance questionnaires.
- •Judgement handed down on 2 July 2024 by Mr Justice Leech.
- •Previous judgements: [2023] EWHC 2015 (Ch) and [2024] EWHC 235 (Ch).
Legal Principles
Split trials should be ordered only if necessary; it is preferable to try all issues together if feasible.
Mr Justice Leech's judgment
In split trials, a trade-off is often required from claimants (e.g., active engagement in progressing claims).
Various Claimants v. G4S Ltd [2022] EWHC 1742 (Ch) and Standard Chartered precedent
Selection of sample cases should appear fair and balanced.
Mr Justice Leech's judgment
Outcomes
Seven sample cases selected: C5, C199, C212, C220, C224, C279, C68; Two reserve cases: C276, C95; Parties permitted to add one more reserve case each.
To ensure fair and balanced representation of issues; Reserve cases provided for contingencies.
Trial 1 will include issues 20-25 (Reliance), 26 (Causation), 28 (Share Price), 29 (Limitation), and 30 (additional principle issues).
Judge found it feasible to try all relevant issues in a single trial, prioritizing efficiency and promoting settlement.
Full reliance questionnaires for Claimants in Categories A and B are not required.
Judge found it unnecessary and disproportionate; findings of reliance are primarily document and probability-based.
Particulars of causation are deferred until after Trial 1.
To allow claimants to assess causation in light of Trial 1 findings.
Expert evidence on share price is permitted.
Potentially relevant to causation issues, even if ultimately irrelevant as a matter of law.
No order on disclosure of US law breaches by Barclays, but expectation of engagement with the issue.
Balancing Claimants' need for information with concerns about privilege.
Claimants' disclosure timetable adjusted to allow more time.
Barclays' timetable was deemed too tight; Claimants' timetable was adjusted to allow for DRD issues and potential slippage.
Claimants to serve witness statements (date to be determined).
In line with Trial 1 issues and previous orders.