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English Court of Appeal: strong evidence required to withhold disclosure citing foreign regulatory confidentiality in s90/90A FSMA claims (Various Claimants v Standard Chartered Plc)

Published on: 11 December 2025

Published by a LexisNexis Dispute Resolution expert
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Article summary

Various Claimants v Standard Chartered Plc [2025] EWCA Civ 1581

What are the practical implications of this case?

Standard Chartered Bank (SC) maintained that duties of confidence prevented it from making unqualified disclosure; the Court of Appeal reaffirmed that, while third‑party confidentiality can in principle justify withholding documents from disclosure or inspection, it was insufficient here to outweigh the necessity for disclosure. When advancing an application to withhold disclosure, practitioners will need to produce compelling evidence of confidentiality concerning the specific documents in issue and show that the relevant regulator objects to their dissemination, with clear, document‑specific grounds and explicit indication from the regulator that disclosure is opposed, absent such material, withholding will fail.

What was the background?

Factual background

The proceedings comprised four claims that were being case‑managed together and proceeded on a single set of consolidated pleadings. The claim was brought by 216 investors said to represent some 1,410 funds, seeking an aggregate of roughly £1.5bn in total...

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