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Defending a Canadian client in a claim by London based stock brokers in the Queen’s Bench Division of the High Court in London arising out of unauthorised trading in illiquid stocks on a US exchange; including advising on relevant London Stock Exchange rules and Financial Services Authority regulations.


Defending UK based stock brokers in a claim in the Chancery Division of the High Court in London for professional negligence and/or breach of fiduciary duty arising out of trading in stocks; including advising on relevant London Stock Exchange rules and Financial Services Authority regulations.


The client (a casino) had transferred to it £1.5 million by third party companies on behalf of a fourth party.  The funds had been paid by our client to the fourth party who had gamed with the funds at the client’s premises.  The third party companies had been put into administration and, pursuant to a court order made under the administration, client had released documents to the administrator.  A bank, relying upon information in the documents given to the administrator, demanded information from the client to enable it to trace the £1.5 million and reclaim the money from the client.  Legal proceedings were commenced out of the Manchester District Registry by a Part 8 Claim but never developed.  We thoroughly investigated the matter, established client’s strengths and weaknesses and in particular where the dangers lay in the tracing process.  The bank’s solicitors entered into sporadic protracted correspondence with us, eventually leading to an application, made by the bank, to the court for extensive disclosure.  Negotiations with the bank culminated in an agreement, confirmed in a court order, to release the client’s bank statements relating to the payments from the accounts of the third party companies, all other requests for disclosure being withdrawn.

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