Supreme Court Strikes Out Quincecare Claim Where No Loss Suffered By Insolvent Ponzi Scheme
| Author | Herbert Smith Freehills |
| Law Firm | Herbert Smith Freehills |
| Published date | 25 January 2023 |
The Supreme Court has upheld the Court of Appeal's decision to strike out a claim brought by the liquidators of a Ponzi scheme against its correspondent bank, alleging that the bank breached its so-called Quincecare duty to take sufficient care that monies paid out from the accounts under its control were being paid out properly: Stanford International Bank Ltd (In Liquidation) v HSBC Bank PLC[2022] UKSC 34.
The appeal concerned '116m paid to genuine investors (directly or indirectly) from the bank's...
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