Mr Justice Nugee has given judgment for Coutts and NatWest in relation to the claims brought by four Pleading Claimants. The claimants alleged that the banks, as the providers of finance for their investments in the Ingenious Schemes, owed them duties in contract and in tort as to the suitability of the loans and investments and that they were also vicariously liable for the alleged breaches of duty of the claimants’ financial advisor, Formation Asset Management Limited.

The contractual and tortious claims were struck out pursuant to CPR r3.4(2)(a) as disclosing no reasonable grounds for bringing them and summary judgment was granted on the vicarious liability claims. A case management conference is listed in February 2020 in respect of the remaining claims. Richard Coleman QC is acting for the banks (leading David Yates QC of Pump Court Tax Chambers).