Wragge Lawrence Graham & Co

UK 200 2013 position: 25

How fundamental is your expert evidence at trial?

The answer, following the Privy Council decision in Caribbean Steel Company Ltd v Price Waterhouse (a Firm) [2013] UKPC 18, is very fundamental.

Caribbean Steel (Steel) brought a claim against Price Waterhouse (PW) in Jamaica for an alleged negligent valuation of Caribbean Cable Company Ltd (Cable). Steel alleged it relied on this valuation for the purpose of subscribing to new issue shares, equivalent to 50.1 per cent of Cable’s issued share capital.

Steel argued that PW had negligently valued the price of the shares in Cable. Steel claimed that when stating Cable’s pension fund had a surplus of $13,897,000 for the purpose of the valuation PW should also have highlighted borrowings from Cable’s pension fund…

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