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ARTICLE · 07 APRIL 2025

Standard Chartered Securities Litigation: Renewed Hope For Passive Investors

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On 25 March 2025, Green J handed down judgment in Persons Identified in Schedule 1 v Standard Chartered PLC [2025] EWHC 698 (Ch).

United KingdomLitigation, Mediation & Arbitration
Stephanie Lee
Stephanie Lee
Toby Robinson
Toby Robinson
Ben Hilton
Ben Hilton
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On 25 March 2025, Green J handed down judgment inPersons IdentifiedinSchedule 1 v Standard Chartered PLC[2025] EWHC 698 (Ch).

The judgment re-opens: (a) the question of whether investors can rely on "price or market reliance" to satisfy the reliance requirement in Schedule 10A of the Financial Services and Markets Act 2000 ("FSMA"); and (b) the scope of claims for dishonest delay under Schedule 10A FSMA.

"Price or market reliance" refers to the argument that, in an efficient market, all publicly available information on a company is reflected in the market price of its securities. On this basis, "passive", "index-linked" or "tracker" funds, which invest on the basis of the share price, may be said to rely on a company's published information.

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