Insights / News
Insights / News
In this case two members of one of the largest pension schemes in the UK made a novel attempt to obtain the court’s permission to bring a derivative claim against the directors of the corporate trustee of the pension scheme.
In a detailed judgment dismissing the application, Mr Justice Leech provides welcome clarification on the test to be applied to multiple derivative actions. Such actions continue to be governed by the Foss v Harbottle common law test in contrast to single derivative actions which are now governed by the Companies Act 2006.
Further, in one of the first judgments of its kind, the Court also considered – and rejected – the claimants’ argument that the directors were in breach of their statutory duties to the company by continuing to invest in fossil fuels without an immediate plan for divestment. The claimants alleged this failure had caused loss to the company. David E. Grant QC and Gus Baker were instructed Dr McGaughey and Dr Davies on a direct access basis.
David E. Grant QC and Gus Baker were instructed Dr McGaughey and Dr Davies on a direct access basis.
Andrew Short QC and Helen Pugh were instructed by Mark Atkinson, Dan Tench and Nadia Latti of CMS Cameron McKenna Olswang Nabarro LLP on behalf of USSL.
Read the judgment here.
Andrew Short QC’s practice centres on pensions, employment, and general commercial work.
His“practical” and“realistic” approach together with his“great understanding of the commercial issues in a case” makes his strategic advice and his advocacy highly sought after by his clients, whether they are national or international companies or organisations, public bodies, trustees, trade unions or individuals.
He is able to bring years of experience as a trial lawyer in hostile and contentious claims to bear whenever necessary. He has been recommended for Pensions and for Employment in both Legal 500 and Chambers & Partners for many years.
Andrew has lectured on pensions, discrimination and employment issues and is on the Consultation Board of Practical Law: Pensions.
To find out more, contact Nick Levett +44 (0)20 7427 4908 or Adam Macdonald +44 (0)20 7427 4906 for a confidential discussion.
David E. Grant QC is a chancery and commercial practitioner with specialist expertise in pensions, trusts, tax, will and estates, professional negligence, financial services, asset recovery, insolvency and employment.
He has extensive advocacy experience in courts and tribunals up to the European Court of Justice. He has also attended numerous mediations and round table meetings in a wide variety of cases. David is happy as sole advocate, being led and/or leading a junior and enjoys the process of working in a team with his instructing solicitors.
David has been recommended in Chambers and Partners and the Legal 500 since 2007 and is described as “The go-to junior for Part 8 and professional negligence claims concerning pension schemes.”
His clients have included many leading business including the Atos Group, British Airways, BT, ITV, the Royal Bank of Scotland, Lloyds Bank, Aegon and Transport for London. He has also acted for the Pensions Protection Fund, the Pensions Regulator and the Pensions Ombudsman as well as leading professional service companies such as Aon, Mercer and Barnett Waddingham as well as various high net worth individuals.
To find out more, contact Matt Sale +44 (0)20 7427 4910 for a confidential discussion.
Helen Pugh specialises in general commercial litigation, civil fraud, contentious insolvency and company law issues, and professional negligence.
Her practice has a strong international element with an expertise in jurisdictional disputes and conflict of law issues, including as they arise at an interim stage in applications for worldwide freezing orders and service out applications or on the substantive claim, and in the cross-border insolvency context.
To find out more, contact Matt Sale +44 (0)20 7427 4910 for a confidential discussion.
Gus Baker’s practice focuses on employment, pensions, commercial litigation, professional negligence and financial services disputes.
He is regularly instructed to advise and represent clients in courts and tribunals at all levels and has appeared in the High Court, the Court of Appeal and the Employment Appeal Tribunal as well as in various County Courts, Employment Tribunals and Crown Courts.
Gus’ clients include FTSE 100 companies, senior executives, NHS trusts, major banks and individuals.
Gus regularly provides training and CPD sessions for leading firms. He is the co-author of the chapters of Butterworths Financial Regulation Service dealing with the FCA’s Conduct of Business Sourcebook. Gus is also the co-author of the latest edition of the Law Society’s Employment Law Handbook and is the editor of the chapter in Tolley’s Employment Law Service regarding the fairness of dismissals.
Gus is recommended by Legal 500 for his employment work.
To find out more, contact Nick Levett +44 (0)20 7427 4908 or or Adam Macdonald +44 (0)20 7427 4906 for a confidential discussion.
News 25 May, 2022
