Webinar: Reflective Loss – the Supreme Court judgment in Marex Financial Limited v Carlos Sevilleja Garcia


Event details

Zoom webinar

Thursday 16 July 2020

5.00pm - 6.00pm

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The Intervener in this case, the All Party Parliamentary Group on Fair Business Banking, and their legal team, invite you to a webinar to discuss this seminal judgment.

The Supreme Court will publish their judgment in this case on Wednesday 15 July 2020 dealing with the application of the rule against reflective loss. This case is the first time the highest appellate Court has been able to consider this rule since Johnson v Gore Wood (No. 1) in 2002. Since then, the rule has been strictly enforced by the Courts in multiple cases. This led to, as submitted by the All Party Parliamentary Group on Fair Business Banking, legitimate claims by owners, creditors and guarantors in circumstances of company insolvency facing legal obstacles, notably in cases where a creditor bank had caused substantial loss by giving negligent advice on investments such as interest rate swaps.

The All Party Parliamentary Group argued against such a strict application and submitted that disputes must be assessed individually on their merits with the Courts able to ensure no double recovery or double jeopardy and to safeguard against conflict between claimant and creditors.

This webinar will explore the rule, the judgment and its future implications, especially for shareholders, business owners, victims of fraud and those involved in company insolvencies.

Speakers:

  • Kevin Hollinrake MP, Co-Chair, APPG
  • Heather Buchanan, Executive Director, APPG
  • Simon Reveell, Thomas More Chambers
  • Peter Knox QC, 3 Hare Court (Lead Counsel for the APPG in its intervention)

  • Richard Samuel, 3 Hare Court

  • Ned Beale, Partner, Trowers & Hamlins (Chair)

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