Creditors Welcome UK Supreme Court's Reflective Loss Decision

Law360 (September 11, 2020, 5:40 PM EDT) -- On July 15, the U.K. Supreme Court handed down judgment on what it described as "one of the most important and difficult questions of law to come before it in some time" — the scope of the reflective loss principle.

The court unanimously concluded in the case of Sevilleja v. Marex Financial Ltd.[1] that the rule against the recovery of reflective loss, which precludes claims by third parties that merely reflect the loss suffered by a company, should only apply to claims by shareholders of the company based upon diminution in the value of their shares or distributions.

The Supreme Court's...

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