Ned Beale of Trowers & Hamlins hosted a webinar on the Marex Financial Limited v Carlos Sevilleja Garcia case dealing with the application of the rule against reflective loss in which Peter Knox QC, Richard Samuel and Chloe Shuffrey acted.
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.
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December 7, 2021