| Source: | All England Reporter |
| Publisher Citation: | [2002] All ER (D) 340 (May) |
| Court: | Commercial Court |
| Judge: | Moore-Bick J |
| Representation | John Higham QC and Luke Parsons (instructed by Stephenson Harwood) for the claimant. |
| Ian Hunter QC and Nigel Eaton (instructed by Lawrence Jones) for the defendant. | |
| Judgment Dates: | 22 May 2002 |
Catchwords
Guarantee - Loss - Recovery - Defendant bank issuing demand performance guarantee - Claimant bank seeking recovery under guarantee from defendant - Defendant contending guarantee void on ground underlying transaction a sham - Whether underlying transaction a sham.
The Case
The court gave judgment in favour of the claimant bank in the sum of $US10m in an action brought under a guarantee against the defendant issuing bank; on the facts, the bank's defence that the guarantee was void because the underlying transactions were fraudulent would be dismissed.
Practice Areas
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