For parties to securities claims, a recent ruling clarifies that representative actions under CPR 19.8 do not oust the High Court’s jurisdiction to case manage such claims.

The Commercial Court has struck out the first attempt by a claimant to bring a securities claim under ss. 90, 90A, and Schedule 10A of the Financial Services and Markets Act 2000 (FSMA) as a representative action under CPR 19.8 (the Representative Proceedings). The court held that allowing the Representative Proceedings to continue would take away one of its prime functions to manage and deal with cases justly and at proportionate cost.