David Lascelles successfully obtains permission for his clients to bring conspiracy claims against Kaupthing Bank in £130million dispute

30.01.13

David Lascelles continues to act on behalf of investors in the Somerfield supermarket in their claims against Kaupthing Bank and others relating to its sale to the Co-Op back in 2009.

David’s clients have been victorious at each stage in this long-running, complex and multi-jurisdictional litigation.  This has included obtaining summary judgment for one client for £2.8million, and successfully resisting two other Defendants’ repeated applications for summary judgment for £72million.

Most recently, following a three-day hearing, by a judgment on 30 January 2013, Asplin J granted David’s clients permission to bring claims of conspiracy and procuring breach of contract against Kaupthing Bank despite the latter’s insolvency.   Following a thorough and interesting analysis of the key authorities in this area, the Court agreed with David’s clients that there should not be any stay of proceedings in England in favour of related Isle of Man proceedings. 

The judgment is available here.