Marks & Spencer’s injunction against Freshfields Bruckhaus Deringer has been upheld, after the firm was refused leave to appeal.
In an astonishing move, the two judges, Lord Justice Pill and Lord Justice Kay, both agreed that the firm, acting for Philip Green on a bid for the retailer, could not appeal the injunction that was brought against it yesterday by M&S’s lawyers Slaughter and May.
It had been widely expected that Freshfields would at least be given an opportunity to appeal. However leave was refused.
Green will now have to find an alternative law firm to represent him on his bid which was, this afternoon (3 June) rejected by M&S shareholders.
As the afternoon has progressed, the frontrunner to take over Freshfields’ role has emerged as Ashurst.