New research shows 16% rise in court appearances by FTSE 100 companies
The number of court appearances by FTSE 100 companies has jumped by 16% over the last year, according to new research. During the year to 30 June 2010 there were 179 cases involving FTSE 100 companies across the Court of Appeal, Queen's Bench and Chancery Division, compared to 154 in the previous year. The study, conducted by legal information provider Sweet & Maxwell, showed financial services companies were involved in over half (58%) of High Court cases involving the FTSE 100, despite such companies accounting for just 18% of the share index.
October 04, 2010 at 09:21 AM
2 minute read
The number of court appearances by FTSE 100 companies has jumped by 16% over the last year, according to new research.
During the year to 30 June 2010 there were 179 cases involving FTSE 100 companies across the Court of Appeal, Queen's Bench and Chancery Division, compared to 154 in the previous year.
The study, conducted by legal information provider Sweet & Maxwell, showed financial services companies were involved in over half (58%) of High Court cases involving the FTSE 100, despite such companies accounting for just 18% of the share index.
The research also found that the big four UK banks – Lloyds Banking Group, Barclays, Royal Bank of Scotland and HSBC – were the most frequent visitors to the High Court, accounting for 43% of all appearances by FTSE 100 companies in 2009-10.
Lloyds topped the list with 24 High Court appearances followed by Barclays and RBS with 22 appearances each, while HSBC had nine.
The report states: "Banks are likely to feature frequently in hard-fought litigation by virtue of the huge volume of complex financial transactions that they are involved with."
"This rise [in court appearances by the FTSE 100] suggests that the inevitable flood of litigation following the economic downturn has yet to peak."
The research predicts that the total number of cases involving FTSE 100 companies could rise even further, as claimants have six years to launch a claim.
However, the research adds that: "Cases that actually turn into High Court appearances are only the tip of the iceberg of commercial disputes. The majority of commercial disputes are now settled outside the courts through alternative dispute resolution such as mediation or arbitration."
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