Reflective loss following Marex v Sevilleja

29 September 2020

Where a wrong is caused to a company, do its shareholders also suffer a loss? Can a shareholder sue for his own loss, where it “reflects” the company’s loss?  What if the company can’t or won’t sue?  These thorny issues have led to much litigation for nearly 200 years.  Reflective loss has now been given a major overhaul by the Supreme Court.

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This podcast will cover:

  • The rule in Foss v. Harbottle (barring a shareholder from bringing a claim for the company’s loss);
  • The extension in Prudential v. Newman (a shareholder may not circumvent the rule by suing for his own loss if it reflects the company’s loss);
  • The definitive restatement of the doctrine of reflective loss in Sevilleja v. Marex (Supreme Court, July 2020); and
  • The similar rule in trust law.


Click here to read David’s recent article Sevilleja v Marex: Reflective Loss Restated.


David Halpern KC

Call: 1978 Silk: 2006



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