Source: All England Reporter
Publisher Citation: [2009] All ER (D) 34 (Sep)
Neutral Citation: [2009] EWHC 2227 (Comm)
Court: Queen's Bench Division, Commercial Court
Judge:

Tomlinson J
Representation Iain Milligan QC and Sean Snook (instructed by Macfarlanes) for the claimants.
  David Railton QC and Andrew Fulton (instructed by Denton Wilde Sapte) for the defendant.
  Gregory Mitchell QC and Richard Brent (instructed by Reynolds Porter Chamberlain) for the third party.
Judgment Dates: 4 September 2009

Catchwords

Financial services - Investment business - 'Swap' transactions - Defendant bank seeking legal advice prior to entering into agreement with claimant Norwegian municipalities - Third party firm of solicitors advising that municipalities having capacity to enter into agreements - Defendant advancing money to municipalities - Municipalities sustaining losses - Municipalities denying liability to defendant and commencing proceedings - Whether municipalities liable to defendant - Whether municipalities having capacity to enter agreements with defendant - Whether defendant entitled to restitutionary relief.

The Case

Financial services Investment business. Where the claimant Norwegian municipalities denied their liability to the defendant bank to repay the advances given to it, under 'swap' transactions, relying upon their alleged lack of capacity under Norwegian law, the Queen's Bench Division, Commercial Court ruled that the municipalities did not have the power and authority to enter into and perform the agreements. The defendant was, however, entitled to restitutionary relief in respect of the advances.

If you are a LexisLibrary subscriber you can read more about this case here.

Lexis®Library

  • An Official transcript is the final version of the judgment prepared by shorthand writers. LexisLibrary contains all judgments from the High Court and aboveView Judgment
  • Cases related to this particular case that are related to, or discuss this caseView related cases
  • Commentary discussing this particular case from LexisLibrary's comprehensive range of titles including Butterworths, Halsbury's and TolleyView related commentary
  • The All England Law Reports comprises judgments with headnotes and catchwords indicating the area of law and key issues of the case prepared by legally qualified editorsFind AllER Reports