The new Financial List may prove to be an innovative ‘force for good’ for dispute resolution, the financial markets and the courts, according to leading solicitors Rosling King.
The Financial List was launched earlier this month as part of a fresh approach by the English Courts to the resolution of major financial disputes.
Georgina Squire, Head of Dispute Resolution at Rosling King, says: “The announcement was met with enthusiasm from the financial and business communities in the UK. Based in the Rolls Building, it will augment what is already the largest dedicated business dispute resolution centre in the world.
“The key component to all disputes in this List is that they have a value of more than £50million.
“The first case has just been transferred into the Financial List from the Commercial Court by Blair J. Only time will tell how attractive the facility is to Court users. It will also be interesting to see how many cases fall within its criteria and whether this new facility attracts more large-scale international financial litigation to the English Courts or whether the £50m threshold proves too high a hurdle. For now, it is excellent to see the Rolls Building once again forging a new path and being innovative and forward thinking it its approach to commercial dispute resolution. It is hoped it will be good for business dispute resolution, good for the financial markets and good for the English courts system.”
Georgina Squire says there is widespread support for the Financial List’s objective to provide swift, efficient, specialist and high quality financial dispute resolution.
She added: “The judges handling its cases have particular expertise in the law relevant to the financial markets. It will cover fixed income, equity, derivatives, loans, FX and commodities markets as well as complex banking transactions and sovereign debt. Disputes linked to these areas but emanating from insurance, professional negligence, or those which fall within the scope of the Companies Court, can also fall within the scope of the Financial List, if they require financial markets expertise.”