On 30 January 2015, Mr Justice Burton handed down judgment in Decura IM Investments LLP v UBS AG, a case in which Decura claimed to be entitled to terminate an Introduction and Outsourcing Agreement into which it had entered with UBS. Decura alleged that a strategy publicly announced by UBS in October 2012 had triggered a material adverse change clause in the parties’ agreement, thereby entitling Decura to terminate the agreement (and following such termination to be paid some US$167m). Following a three-week trial, the Court rejected Decura’s claim. Richard Handyside QC and James Duffy appeared on behalf of UBS, instructed by Herbert Smith Freehills (Damien Byrne Hill, James Norris-Jones). A copy of the judgment can be found here.