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Regulatory rules and duties of care

Andrew Henderson examines the limits of the
liability created by rules governing financial services and markets

9 August 2002

In Wragg & Scott v Partco Group Ltd & UGC Ltd [2002] EWCA Civ 594, The Times, 10 May 2002, the Court of Appeal was asked to consider the liability flowing from a breach of various regulatory requirements arising in the context of a takeover bid. The decision highlights the issues that can arise in the context of takeovers. It also casts light on the extent to which parties can be held liable in tort for the breach of any rule or standard governing conduct in relation to financial services and markets. Strike out application and summary judgment dismissed Leveson J dismissed both the strikeout application and the summary judgment application ([2002] 1 Lloyd’s Rep 320), holding as follows: 1) Since the fraud allegations would go to trial in any event, it would have been inappropriate to consider the striking out application further, were it not for the fact that W and S had professional indemnity insurance which covered them for negligence but not for fraud. ...

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