Clarity ahead for securities litigation?

• The courts have witnessed a significant growth in securities fraud claims in recent years. However, most of these cases have settled before trial, with the result that court guidance on the relevant legal principles remains sparse.
• The recent High Court recently handed down the first trial judgment and analysis in the Autonomy case will be relevant to securities claims under s 90A/Sch 10A of the Financial Services and Markets Act 2000.

Over the past ten years, securities litigation in England and Wales has been gathering momentum. And while shareholder claims against listed companies in this jurisdiction do not rival the litigious markets of the US and Australia, there has been significant growth in this area, with the courts of England and Wales becoming an important stage for securities class actions around the globe.

The Autonomy judgment

A number of high-profile securities fraud claims have been brought by groups of shareholders in