Articles by author
Credit Suisse v Ivanishvili: the door opens to fraud-on-the-market claims under s 90A FSMA
This article considers the effect of the Privy Council’s decision in Ivanishvili on claims under s 90A Financial Services and Markets Act 2000. It argues that Ivanishvili opens the door to claims based on the “fraud on the market” theory: it is now clear that a claimant need not prove it was consciously aware of misleading representations or dishonest omissions to establish reliance. However, the decision also acknowledges the difficulties which arise with respect to ambiguous representations. Cases brought under s 90A in which statements made in published information leave room for more than one meaning may still face difficulties, given the requirement to prove that an ambiguous representation was understood in the sense in which it is said to be false. What may matter in resolving these difficulties is the sense in which the defendant intended its published information to be understood. This, along with the prevailing norms and expectations in markets, is likely to remain an evidential battleground.
8 FEB 2026Conspiracy theories: unlawful means conspiracy and the problem of private rights
Over the last two decades the scope of the economic torts has been considered in a variety of business contexts and the tort of conspiracy to injure by unlawful means is no exception. Liability may arise where two or more persons combine and take unlawful action with the intention of causing damage to a claimant who incurs the intended damage. Difficult questions about the state of mind of those involved have often arisen. But in the years since the decision in The Racing Partnership Limited v Sports Information Services [2020] EWCA Civ 1300, those participating in competitive deals, where gain could be said to come at the expense of another, may find themselves alleged to have participated in a tortious conspiracy despite believing their activities to be lawful.
This article examines the current state of the law, where difficulties have arisen, and the need for the limits of the tort to be explored further in order to address uncertainties that remain.
