Herbert Smith Freehills celebrates as UK Supreme Court backs businesses in Covid-19 insurance ruling
15 January 2021
FCA wins fast-tracked appeal unlocking payments to 1,000s of businesses
Willy Barton; Shutterstock The UK Supreme Court has ruled in favour of thousands of small businesses in the Financial Conduct Authority’s business insurance test case litigation, delivering a notable victory for the regulator s advisers, Herbert Smith Freehills (HSF).
The ruling will affect insureds and insurers alike impacted by pandemic-related business interruption losses. It follows a remote, expedited trial in July 2020 before a Divisional Court consisting of Lord Justice Flaux and Mr Justice Butcher. The fast-track ‘leapfrog’ appeal hearing, from the first instance decision, heard remotely in November, was before a strong constitution of the Supreme Court, comprising its president, Lord Reed, Lord Hodge, the deputy president, and Lord Briggs, Lord Hamblen and Lord Leggatt.