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Informa
Dec 06
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09:00 - 09:30 30 mins
Registration
09:30 - 09:40 10 mins
Chair’s Opening Remarks
  • Kirsten Massey - Partner, Herbert Smith Freehills
  • James Norris‑Jones - Partner, Cleary Gottlieb
09:40 - 10:10 30 mins
Info
Keynote Address: Securities Litigation, Where We Are Now and Where We Are Going
  • Mr Justice Richard Snowden - High Court Judge of the Chancery Division, High Court of Justice, England & Wales

Mr. Justice Snowden will address lessons learned so far and what we can expect in the future 


10:10 - 10:55 45 mins
Info
S90 Prospectus Claims
  • Jonathan Nash QC - Barrister, 3 Verulam Buildings
  • Adam Johnson QC - Partner, Herbert Smith Freehills

The components of liability

  • European and common law history
  • Untrue or misleading statements
  • Omissions
  • Necessary information
  • Requirements of CESR

The potential defences

  • The attribution question.
  • Reasonable steps.
  • The role of third party service providers.
  • The process defence.
  • Imputed knowledge or belief?

The role of experts

  • What issues are appropriate expert issues?
  • Which are the appropriate experts?

The calculation of damages

  • What is the causation test?
  • Deceit measure of loss or negligence measure?
10:55 - 11:10 15 mins
Morning Refreshment Break
11:10 - 11:55 45 mins
Info
S90A Claims
  • Peter de Verneuil Smith - Barrister, 3 Verulam Buildings
  • Peter Sharp - Partner, Morgan Lewis & Bockius LLP
  • Christopher Yates - Partner, Clifford Chance
  • Robert Houck - Partner, Clifford Chance (USA)

The components of liability

  • Untrue or misleading statements.
  • Omissions
  • Delayed statements
  • PDMRS
  • role of reliance
  • can index tracker funds bring s.90a claims?

The potential defences

  • knowledge of PDMRs means what?
  • How is knowledge different to dishonesty?

The role of experts

  • What issues are appropriate expert issues?
  • Which are the appropriate experts?

The calculation of damages

  • deceit or negligence measure?
  • How calculate loss with high volume trading?
11:55 - 12:40 45 mins
Funding of Securities Litigation
  • Steven Mash - Partner, Fladgate LLP
  • Neil Purslow - Founder and Chief Investment Officer, Therium Capital Management Limited
12:40 - 13:40 60 mins
Lunch
13:40 - 14:20 40 mins
Info
The Asset Manager's Dilemma
  • Ravi Nayer - Partner, Pinsent Masons
  • How does securities litigation fit the fiduciary duty of asset managers?
  • How is the position different between passive and active managers?
  • How can the problems of group litigation be managed?
14:20 - 15:05 45 mins
Info
The Calculation of Damages in s.90/s90A
  • Daniel Ryan - Managing Director, Berkeley Research Group
  • Adam Kramer - Barrister, 3 Verulam Buildings
  • Harry Edwards - Partner, Herbert Smith Freehils
  • What is the correct basis for calculating damages?
  • What are the differences between the 2 sections?
  • How do you prove damages in practice?
  • What expert problems are there?


15:05 - 15:20 15 mins
Afternoon Refreshment Break
15:20 - 16:05 45 mins
Info
Group Litigation Orders
  • Laura Jenkins - Partner, Commercial Litigation, Stewarts Law
  • Graham Huntley - Founding Partner, Signature Litigation
  • Simon Clarke - Partner, Herbert Smith Freehills
  • Role of GLOs in s.90 and s.90A claims
  • How to structure a successful GLO.
  • Getting permission for a GLO
  • How to manage a GLO
  • The lessons learned from the RBS GLO.
  • Funders and ATE insurance issues for a GLO
16:05 - 16:50 45 mins
Foreign law comparisons/jurisprudence
  • Lianne Craig - Partner, Hausfeld
  • Klaus Nieding - Specialist Lawyer for Banking and Capital Market Law, Nieding + Barth (Germany)
  • Jurjen Lemstra - Attorney-at-law, Partner, Lemstra Van der Korst (Netherlands)
16:50 - 17:00 10 mins
Chair's Closing Remarks
  • Kirsten Massey - Partner, Herbert Smith Freehills
  • James Norris‑Jones - Partner, Cleary Gottlieb