The Commercial Court handed down judgment today in The Financial Conduct Authority v Arch and others  EWHC 2448 (Comm), an expedited test case brought by the FCA on the application of certain extensions to losses related to the COVID-19 pandemic. The case was heard at a remote two week trial in July, in front of Flaux LJ and Butcher J. Adam Kramer acted for the FCA, led by Colin Edelman QC and Leigh-Ann Mulcahy QC, instructed by Paul Lewis and Sarah McNally at Herbert Smith Freehills.
The judgment, in favour of the FCA, overcomes the causation hurdles presented by the decision in Orient-Express Hotels. The full judgment is available here.
The Lawyer have reported further on this case here.