A specialist cross-jurisdictional court list set up to expedite dispute resolution for parties litigating on financial matters became operational on 1 October 2015. Located in the Rolls Building, the list represents an initiative to build on the financial expertise of judges in response to increasingly complex financial court cases.
The Lord Chief Justice has said that this new List will provide a "more efficient and economical forum for financial dispute resolution". This new, 'judge-led' reform ensures that cases that would benefit from being heard by judges with particular expertise in financial markets are dealt with by such judges.
The key features and aims of the List are to:
- align financial-specific judicial expertise to appropriate cases;
- nominate judges who would be responsible for cases from inception through to enforcement (if necessary);
- reduce costs and time-consuming litigation by providing a mechanism for authoritative guidance before disputes have arisen; and
- ultimately provide an environment for UK financial litigation to thrive.
It is available to claims that:
- principally relate to financial services for £50 million or more; or
- raise important issues concerning domestic and international financial markets.
Overall, this long-term strategy would ensure that the UK courts continue to play a leading role in – and are seen to actively improve – the high quality service provided to international litigants.
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This publication is a general summary of the law. It should not replace legal advice tailored to your specific circumstances.
© Farrer & Co LLP, April 2016