McGaughey & anr (claimants/appellants) v Universities Superannuation Scheme Limited & Ors (defendants/respondents)
Tuesday 13 – Thursday 15 June 2023
By Appellant’s Notice filed on 9 September 2022, the claimants (“Cs”) appeal the Order of Mr Justice Leech dated 10 August 2022 (judgment dated 24 May 2022) by which (1) the application for permission to bring the claim on behalf of the First Defendant as a multiple derivative claim was dismissed and (2) the Claimants’ application for a prospective costs order was dismissed.
Facts: Claimants are active members of the Universities Superannuation Scheme (the “Scheme”) of which Universities Superannuation Scheme Limited (“USSL/D1”) is trustee. By application notice dated 28 October 2021 they sought the court’s permission to continue the proceedings by analogy with s261 Companies Act 2006. S261 applies to claims brought by members of a company seeking to bring a claim on its behalf. The proceedings concern four claims which Cs seek to bring as a multiple derivative claim on behalf of USSL against the current and former directors of USSL and one shadow director (“the “directors” collectively).
View hearing:
Day 1
Day 2
Day 3