The Lord Chief Justice unveiled details of the new Financial List last night at a briefing event for those in the legal and financial profession.
The event was an opportunity for individuals to find out more about the judge led-initiative. The Financial List will hear cases relating to the financial markets, or which raise issues of general importance to the financial markets. Cases on the list will benefit from being dealt with by the same judge from beginning to end and one with suitable expertise and experience of these types of cases.
Lord Thomas of Cwmgiedd, the Lord Chief Justice said:
“The new List will provide a more efficient and economical forum for financial dispute resolution using the expertise of dedicated High Court judges. This judge-led reform will enable the development of our law, and through clear and certain law to underpin the financial and other markets, and our nation’s prosperity.”
Alasdair Douglas, Chairman of the City of London Law Society, said
“The facility to bring market test cases, where authoritative legal guidance is needed, will be an important feature of the Financial List initiative. Litigants expect judges to be familiar with the subject matter of a case, and the Financial List will offer the assurance that these significant cases will be heard by a high-calibre judge who, for example, has an understanding of the global financial markets. The Financial List will improve, and be seen to improve, the service provided by the English Courts to international litigants.”
As well as the Lord Chief Justice the event was addressed by the Lord Chancellor and Deputy Governor of the Bank of England (Financial Stability). The event was also was attended by Government lawyers and representatives from financial associations, general counsel and senior market commentators.
NOTES FOR EDITORS
- The event was held in the Rolls Building, the largest dedicated specialist centre for the resolution of financial, business and property litigation anywhere in the world.
- The first case was transferred onto the Financial List last week and is in the course of being tried by Mr Justice Blair.
- Further information and briefing on the Financial List is available at https://www.judiciary.uk/you-and-the-judiciary/going-to-court/high-court/financial-list/