High Court refuses Group Litigation Order (Moon and others v Link Fund Solutions)
Financial Services analysis: The High Court has refused an application for a Group Litigation Order (GLO) made pursuant to CPR 19.11 by two groups of claimants who said that their claims, and those of other prospective claimants, against Link Fund Solutions Ltd (Link), gave rise to common or related issues of fact or law. Link was the authorised corporate director of an open-ended investment company which had a sub-fund (in which UK retail investors invested), and was therefore required to comply with the FCA’s Collective Investment Scheme Sourcebook 2 (COLL). The court stated that it was necessary for it to determine whether a GLO was required in furtherance of the overriding objective, having regard to other procedural means available for achieving a similar or identical result. The court held that it did not see why the same result could not be achieved by way of bespoke case management directions without the introduction of a group register. It therefore declined to grant the GLO.
The full article can be read here.
Written by Rowena Wisniewska Sethi.