Saved by the Cap: Third Party Costs Order – RPC Professional and Financial Risks Blog

Posted December 8th, 2014 in accountants, costs, damages, insurance, news, third parties by sally

‘On 30 June 2014 judgment was handed down by Mrs Justice Rose in Swynson Limited v Lowick Rose LLP (in liquidation) [2014] EWHC 2085 (Ch). Rose J held that the Defendant, a firm of accountants, were liable but found that they owed no duty of care to the individual investor who had provided finance for a management buy-out. She awarded damages up to the liability cap of £15million inclusive of interest and costs, on the basis that the liability cap set out in the engagement letter reflected the commercial agreement reached by the parties.’

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RPC Professional and Financial Risks Blog, 4th December 2014