Top UK Court Limits Reach Of Loss Principle In Marex Case
Law360, London (July 15, 2020, 4:49 PM BST) -- The U.K.'s highest court ruled Wednesday that broker Marex Financial Ltd. can sue a director that stripped his foreign exchange companies of their wealth and moved assets overseas, in a landmark decision narrowing the scope of a legal principle on irrecoverable loss.
The U.K. Supreme Court has issued a decision that effectively narrows the so-called reflective loss principle, limiting its application to claims from shareholders and, in the case at hand, allowing an unsecured creditor to sue a director who it says stripped his companies down to avoid paying a 2013 judgment. (Photo by Aaron Chown/PA Images via Getty Images) The Supreme...
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