National Westminster Bank plc & ors v Ludlow Trust Co Ltd & ors [2024] WTLR 239

Spring 2024 #194

Each of the claimant banks were part of the NatWest Group and appointed as trustee of a number of trusts. Following the decision by the NatWest Group in 2019 to divest itself of its trusteeships and trust administration business, a bidding process was commenced seeking a replacement trustee for 3,946 trusts, both private and charitable, and the first defendant (Ludlow) was ultimately the successful bidder based upon a detailed scoring system. The trust administration business was transferred to Ludlow for £1 and Ludlow agreed to pay all of the claimants’ costs of transferring the various...