Source: All England Reporter
Publisher Citation: [2012] All ER (D) 41 (Jun)
Neutral Citation: [2012] EWHC 1278 (Comm)
Court: Queen's Bench Division, Commercial Court
Judge:

Burton J
Representation John Nicholls QC and Louise Hutton (instructed by Linklaters LLP) for the RBS.
  Stephen Auld QC, Ben Strong and Laurence (instructed by Cooke, Young & Keidan LLP) for the first to third defendants.
  Graham Dunning QC and Philla Hopkins (instructed by DaySparkes) for the Scott Law LLC.
Judgment Dates: 24 May 2012

Catchwords

Judgment - Application to set aside - Contract - Contractual term - Jurisdiction - Claimant bank terminating collateralised debt obligation transaction with defendant group of companies - Contract providing for disposal of 88 loans advanced to defendant by claimant - Contract providing English courts having jurisdiction - Claimant resolving to buy 36 loans - Claimant holding auction for sale of loans - Claimant seeking repayment of loans from defendants - Judgment being granted in favour of claimant on liability and quantum - New evidence emerging after judgments of serious improper conduct by claimant in respect of loans - Claimant applying for injunctive relief to restrain proceedings being brought in foreign jurisdiction - Whether judgments to be set aside - Whether claimant entitled to rely on jurisdiction clause in agreement - Whether injunctive relief to be granted.

The Case

Judgment Application to set aside. The Commercial Court, Queen's Bench Division, declined to set aside a judgment on liability in favour of the claimant bank, notwithstanding its subsequent finding of serious improper conduct by the bank. The banks applications for injunctive relief to restrain related proceedings being brought against it in Texas were dismissed.

Practice Areas

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