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Financial Services Authority v Sinaloa Gold plc (Barclays Bank plc intervening)

Hearings

England & Wales

25 Jan 2011 [2011] EWHC 144 (Ch), Ch D (Judge Hodge QC)

18 Oct 2011 [2011] EWCA Civ 1158; [2012] Bus LR 753; [2011] WLR (D) 295, CA

27 Feb 2013 [2013] UKSC 11; [2013] 2 AC 28; [2013] 2 WLR 678; [2013] Bus LR 302; [2013] 2 All ER 339; [2013] 1 All ER (Comm) 1089; [2013] WLR (D) 90; Case details, SC(E)

Subject Matter

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, Sch 1, para 19

[2013] 2 AC 28; [2013] 2 WLR 678; [2012] Bus LR 753; [2013] Bus LR 302

Appellate History

Financial Services Authority v Sinaloa Gold plc (Barclays Bank plc intervening) [2011] EWHC 144 (Ch), Ch D

Decision of Judge Hodge QC sitting as a judge of the Chancery Division reversed

Financial Services Authority v Sinaloa Gold plc (Barclays Bank plc intervening) [2011] EWCA Civ 1158; [2012] Bus LR 753; [2011] WLR (D) 295, CA

Decision of the Court of Appeal affirmed

Financial Services Authority v Sinaloa Gold plc (Barclays Bank plc intervening) [2013] UKSC 11; [2013] 2 AC 28; [2013] 2 WLR 678; [2013] Bus LR 302; [2013] 2 All ER 339; [2013] 1 All ER (Comm) 1089; [2013] WLR (D) 90; Case details, SC(E)

Commentary

Blackstones Civil Practice 2023
Contents of a Freezing Injunction - Undertakings 38.15

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