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Astle and others v CBRE Ltd; Abbott and others v Evans Randall Investment Management Ltd and others; Abbott and others v CBRE Ltd; and another case  EWHC 3189 (Ch),  All ER (D) 111 (Nov)
The Chancery Division dismissed the defendants’ application for summary judgment on a claim by investors of a Jersey trust, which alleged that the defendants were liable for the loss of the entire value of their investment due to a breach of duty to take all reasonable care to ensure that facts stated in an information memorandum (IM), given to potential investors, were true and accurate. Even if the court was required to apply settled law and identify the direct consequences of the valuation being inaccurate, the claimants had real prospects of establishing that the loss they had suffered on their investment was attributable to the alleged inadequacies in the IM and, accordingly, the case should go to trial.
The claimants were investors in a scheme to acquire and develop five properties due to become regional fire control centres as part of a central government project. Under the scheme, investors acquired loan notes and units in a Jersey trust. Their interests in the rental cashflows—the properties had long leases with various public and local authority bodies—were subordinated under a ‘waterfall’ to the interests of the Bank of Scotland (the bank) who provided financing for the scheme.
The scheme was devised by Evans Randall Investment Management Ltd (ERIML) who promoted it to potential investors in an IM. CBRE provided expert property valuations for the purpose of valuing the Bank’s
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Neeta has been working as a paralegal in Banking and Insolvency for the past 4 and a half years.
She started her legal career at Allen & Overy in 2008 in the midst of the global financial crisis and the collapse of Lehmans where she gained most of her experience.
Neeta also did a short stint in litigation at the Revenue and Customs Prosecutions Office. Neeta graduated with a 2:1 honours degree from University of London, Queen Mary College and went on to obtain a distinction from the College of Law in the Legal Practice Course. She moved to Lexis®PSL in April 2013.
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