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FINANCIAL SERVICES AUTHORITY (A COMPANY LIMITED BY GUARANTEE) & ORS v SINALOA GOLD PLC sub nom FINANCIAL SERVICES AUTHORITY 
(A COMPANY LIMITED BY GUARANTEE) v BARCLAYS BANK PLC

Where an authority like the Financial Services Authority, acting in pursuance of a public duty, sought an interim injunction, there was no general rule that it should be required to give a cross-undertaking in damages in respect of losses incurred by third parties

1 March 2013

SC – Lord Neuberger (President), Lady Hale JSC, Lord Mance JSC, Lord Clarke JSC, Lord Sumption JSC

[2013] UKSC 11

27 February 2013

The appellant bank (B) appealed against a decision ([2011] EWCA Civ 1158, [2012] Bus. L.R. 753) that the respondent Financial Services Authority was not required to give a cross-undertaking in respect of third party losses on its application for an interim freezing injunction against certain companies (S).

The FSA believed that S were engaged in unlawful activity, and obtained without notice an injunction freezing S’s assets under the Financial Services and Markets Act 2000 s.380(3) and/or the Senior Courts Act 1981 s.37(1). The FSA gave an undertaking in respect of costs incurred by third parties, but...

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