Supreme Court Judgment

RELIANCE MANAGEMENT (BVI) LIMITED, RELIANCE INTERNATIONAL RESEARCH LLC, FIMAN LIMITED AND DAVID WHITEHEAD

7.������ The trial judge delivered a succinct judgment, setting out very clearly the steps leading to his conclusion.� In essence, that reasoning appears to be as follows:

(i)����� That as the matter was a preliminary issue, it should proceed on assumptions most favourable to the plaintiff�s claim, taking that claim �at its height�;

(ii)����� For that purpose, HSBCITS must be assumed to be negligent, and BLMIS guilty of fraud;

(iii)���� BLMIS and HSBCITS were to be treated as concurrent wrongdoers under s. 11 of the CLA, in that Defender�s claim against both parties was for the same loss and same damage;