The Financial List will deal only with financial claims of £50 million or more, or cases that raise issues concerning the domestic and international financial markets including equity, derivatives, Foreign Exchange and commodities markets.
Lord Thomas explained that this List will provide a dedicated forum for market actors in an area that is of significant importance to the development of both the domestic economy and to financial markets internationally. The test case procedure will help to avoid costly and time-consuming litigation, by providing a mechanism for authoritative guidance before disputes have arisen.
Susan Dunn, Harbour’s Head of Litigation Funding, commented:
“This is a further positive move for London as a major global legal centre for the financial markets and for dispute resolution. It is important to take this excellent concept and turn it into a reality which responds to the requirements of those involved in complex financial disputes, globally. In particular, given the recent revision of the Court of Appeal hear-by dates, it is crucial that the Financial List is supported by an efficient appeal system which also brings subject-matter expertise to bear.”