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Pass it on: Breach of duty, transferred loss and standing to sue (Allianz Global v Barclays Bank)

Published on: 26 March 2021
Published by: LexisPSL
  • Pass it on: Breach of duty, transferred loss and standing to sue (Allianz Global v Barclays Bank)
  • What are the practical implications of this case?
  • What was the background?
  • What did the court decide?
  • Case details

Article summary

Private Client analysis: The court refused to strike out the banks’ ‘pass on’ defences to claims by various investment funds for breaches of statutory duty by alleged manipulation of foreign exchange markets (FX manipulation). In doing so, the court held that individual investors who were beneficiaries under a trust arrangement with their investment fund had standing to sue for losses caused by the alleged breaches. The court also decided that individual investors who were shareholders or limited partners in their respective investment funds had causes of action against the banks. The court considered the impact of the Supreme Court’s decision on reflective loss in Marex Financial Ltd v Sevilleja [2021] AC 39 on the ability of beneficiaries and shareholders to bring claims for losses. Written by Elizabeth Weaver, barrister XXIV Old Buildings, Lincoln’s Inn. or take a trial to read the full analysis.

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