Source: All England Reporter
Publisher Citation: [2017] All ER (D) 44 (Dec)
Neutral Citation: [2017] EWHC 3182 (Comm)
Court: Queen's Bench Division (Commercial Court)
Judge:

Males J

Representation Nigel Tozzi QC and Jeremy Brier (instructed by Stewarts Law LLP) for the claimants.
  Robin Dicker QC and James Macdonald (instructed by Clifford Chance LLP) for BNPP.
Judgment Dates: 7 December 2017

Catchwords

Bank - Negligence - Determination of whether bank owed duty of care to claimants as arranger of Islamic financing transaction known as 'Sukuk'

The Case

Bank Negligence. The Financial List held that the defendant bank, Bnp Paribas, (BNPP), as the arranger of an Islamic financing transaction known as a 'Sukuk', had owed a duty to the claimant in the second action (together, the Funds), but not to the claimants in the first action, to take reasonable care to ensure that a promissory note issued in respect of the Sukuk had been properly executed. The Funds were the holders of the Sukuk certificates in question. The court held that BNPP had breached the duty owed to the Funds and was liable to them in damages to be assessed at a further hearing.

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