CHUDLEY v CLYDESDALE BANK PLC

[2019] Lloyd's Rep. Plus 37

COURT OF APPEAL

Before Lord Justice Longmore, Lord Justice Flaux and Lord Justice Moylan

Banking – Bank permitting sums to be paid out of segregated client account without securing undertakings – Whether agreement setting up client account was legally binding – Whether investors could rely upon agreement as third parties – Whether Bank’s breach was causative of loss – Contracts (Rights of Third Parties) Act 1999, sections 1(1)(b) and 1(3).