The Business Law Reports
[2012] Bus LR 753
Court of Appeal
Financial Services Authority v Sinaloa Gold plc and others (Barclays Bank plc intervening)
[2011] EWCA Civ 1158
2011 June 15;
Oct 18
Mummery, Patten LJJ, Hedley J
Injunction— Interlocutory— Undertaking as to damages— Financial Services Authority alleging defendants operating share scam and obtaining interlocutory freezing injunction against them— Order including standard cross-undertaking to pay third parties’ costs and losses— Authority subsequently seeking to exclude losses from undertaking— Whether cross-undertaking liability in “damages”— Whether authority’s statutory immunity in respect of damages rending cross-undertaking unenforceable— Whether court to exercise discretion to require authority exercising law enforcement role to give undertaking to third parties—
Financial Services and Markets Act 2000 (c 8), Sch 1, para 19