Securities Litigation by Adam Kramer KC | 2026*

Securities Litigation by Adam Kramer KC | 2026*

Securities Litigation is the first practitioner-focused textbook to provide a comprehensive account of the causes of action available in England and Wales in relation to issued securities. It examines the statutory claims under sections 90 and 90A of the Financial Services and Markets Act 2000 (FSMA), alongside the general tortious claims that may arise in this context. Drawing on the expanding body of securities litigation authorities, as well as relevant case law from analogous areas, the book provides practical guidance in an area where established judicial guidance remains limited.

The book considers not only the substantive elements of the relevant causes of action but also the procedural issues that are particularly significant in securities claims, which frequently involve group or representative proceedings. These include questions of standing, limitation, split trials, disclosure, and other procedural matters that have featured prominently in major securities litigation in recent years. The authors bring substantial practical experience as barristers specialising in securities disputes, providing insight into an increasingly important area of litigation in which relatively few practitioners have direct experience.

Drawing on related case law where direct authority is limited, the authors provide detailed analysis of key issues arising under sections 90 and 90A of FSMA. In relation to section 90, the book examines questions such as whether reliance is required, whether secondary-market purchasers have standing, what constitutes a misleading statement, and which individuals within a corporate defendant may be relevant when attributing knowledge. It also considers the scope of the statutory 'no negligence' defence and the principles governing the assessment of damages, including whether negligence or fraud-based measures apply and how courts may approach the complex task of matching large numbers of securities transactions involving purchases and sales during the relevant period.

The treatment of section 90A addresses issues including the meaning and scope of an 'interest in securities', the extent to which an interest may be removed from the underlying securities, and the ways in which claimants can establish reliance. It considers whether indirect reliance may be sufficient and whether tracker funds may bring claims, as well as examining the definition of a person discharging managerial responsibilities (PDMR). Other issues covered include liability for omissions, the information that must be disclosed, the scope of claims based on dishonest delay, and the principles governing the assessment of damages.

The book also draws comparisons with developments in other jurisdictions to illustrate possible approaches that the English courts might adopt in the future. These include the US doctrine of fraud on the market and Australia's approach to market-based causation. The authors assess the relevance of these international developments and the prospects of similar principles emerging in English securities litigation.

Finally, the book examines the practical process of developing and pursuing securities claims on a group basis. It considers the financial and legal considerations involved, the use of Group Litigation Orders (GLOs), alternatives to GLO proceedings, and procedural rules of particular importance to securities claims, including limitation requirements and funding disclosure obligations.

Table of Contents of Securities Litigation:

Foreword – The Honourable Mr Justice Michael Green
• Preface - Adam Kramer KC and Peter de Verneuil Smith KC
• Chapter 1: The Securities Context - Ravi Jackson
• Chapter 2: Regulation - Paul Bonner Hughes
• Chapter 3: Structuring in Securities Litigation - Peter de Verneuil Smith KC
• Chapter 4: The Causes of Action - Emma Hughes
• Chapter 5: Standing - Philip Hinks KC
• Chapter 6: False Statements, Omissions and Dishonest Delay - William Day and Amelia-Rose Edwards
• Chapter 7: Section 90A Reliance - Jonathan Nash KC
• Chapter 8: The s.90/reg.30 Defence of Claimant Knowledge of Truth, and a Possible Reliance Requirement - Victor Steinmetz
• Chapter 9: Section 90/reg.30 Reasonable Belief Defence/Dishonesty - Calum Mulderrig
• Chapter 10: PDMR Knowledge/Dishonesty Under s.90A - Calum Mulderrig
• Chapter 11: Causation and Loss - Adam Kramer KC
• Chapter 12: Limitation - Dominic Kennelly and Adrian Beltrami KC
• Chapter 13: Split Trials and Preliminary Issues - Judy Fu
• Chapter 14: Disclosure and Witness Evidence - Ian Higgins
• Chapter 15: Test Claimants - Ian Higgins
• Chapter 16: Expert Evidence - Peter de Verneuil Smith KC
• Chapter 17: Costs and Litigation Funding - Lucas Jones
• Chapter 18: FCA Enforcement and Remedies - Victor Steinmetz
• Chapter 19: Insurance - Aaron Le Marquer of Stewarts
• Chapter 20: Do Claimants Have a Duty to Bring a Claim? - Gretel Scott
• Table of Cases
• Index

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