16 May 2019

Commercial litigation update

Stock Market

Poor case struck out before trial.  The Commercial Court has just struck out a case using what is known as the “summary judgment” procedure.  This is used where one of the parties can show that the other party’s case has no real prospect of success.   

The Claimant argued that foreign exchange transactions it had given to the Defendant at a time of severe market disruption, should have been adjusted retrospectively so that the exchange rate of the Swiss France against the Euro was more favourable.  The Claimant relied on obligations in contract, what it said was “established market practice” and pursuant to the Defendant’s duties outside of the contract.

The Commercial Court found that on literal interpretation of the contract, the Claimant had no real prospect of succeeding in its allegations.  The case was struck out.  CFH Clearing Ltd v Merrill Lynch International

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