When shareholders suffer losses as a result of corporate governance failures by large financial institutions, investors often require the support of litigation funders in their efforts to seek justice and secure compensation from these multinational giants.
An announcement from Woodsford revealed that a group of institutional investors bringing a group claim against Standard Chartered, with litigation funding provided by Woodsford, have received a favourable judgment in the High Court. The judgment handed down by Mr Justice Michael Green dismissed Standard Chartered’s application to strike out a portion of the group claim, which means that the claim can now proceed towards its scheduled trial in October 2026.
The claim focuses on allegations that the bank failed in its corporate governance around its dealings with Iran and Iranian-linked institutions that were subject to US sanctions, resulting in financial losses suffered by shareholders.
Standard Chartered applied to strike out “Common Reliance” claims of 949 of the funds that are participating in the group claims, with these funds representing 68% of the claimants funds that account for over £760 million of the claim value. Green J’s judgment examined the prior ruling on a strike out application in a similar claim, Allianz Funds Multi-Strategy Trust and ors v Barclays plc [2024], but found that he had “doubts about the correctness” of that decision.
In his conclusion on the common reliance claims, Green J wrote: “There are factual matters that, in my view, require determination and the expert evidence might assist in understanding the extent to which the Published Information would have affected the market price and its influence therefore on the decisions made by the Claimants.”
Signature Litigation acted for the claimants, instructing Graham Chapman KC, Shail Patel KC and William Harman of 4 New Square.
The full judgment from Green J in Various Claimants v Standard Chartered can be read here.