Cum-ex claims struck out

28 May, 2021

On 27 May 2021 the Commercial Court handed down judgment in TP ICAP Ltd v Nex Group Ltd [2021] EWHC 1375 (Comm), striking out large parts of a claim for breach of warranty, indemnities and declaratory relief relating to the acquisition by Tullett Prebon of the voice broking business of ICAP plc, said to arise out of alleged “cum-ex trading” and other matters. Mr Justice Calver held that various claims, including “contingent claims”, had not been validly notified in accordance with the contractual notification provisions and other claims had no real prospect of success or were premature.

A copy of the judgment is here.

Joe Smouha QC and Ciaran Keller, instructed by Jon Holland and Nell Perks of Latham & Watkins (London) LLP, acted for the applicants on the strike out application.