Secure Capital SA v Credit Suisse AG

Secure Capital SA v Credit Suisse AG

The claim is contractual and governed by English law as chosen in the Notes. Secure Capital, not being the bearer, has no contractual rights against Credit Suisse. Luxembourg law (Article 8 of the 2001 Law) cannot confer a right to sue on an English law contract. The claim has no real prospect of success and must be dismissed.

Parties
Claimant/respondent: Secure Capital SA; Defendant/applicant: Credit Suisse AG
Jurisdiction
England and Wales
Judgment Date
24 February 2015
Procedural Posture
Commercial / Summary Judgment/strike Out Application
Outcome
Claim dismissed; summary judgment granted for Credit Suisse
Legal Topics
Bearer Securities, Intermediated Securities, Applicable Law, Privity of Contract, Luxembourg Law, English Law, Misleading Statements Term
Contract Law Conflict of Laws Financial Markets Law Bearer Securities Intermediated Securities Applicable Law Privity of Contract Luxembourg Law +2 more

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Parties

Secure Capital SA

Claimant/respondent

Credit Suisse AG

Defendant/applicant

Procedural Posture

Commercial / Summary Judgment/strike Out Application

Legal Issues

  1. 1 Whether Secure Capital can claim damages against Credit Suisse for breach of the misleading statements term under the Notes
  2. 2 Whether Luxembourg law (Article 8 of the 2001 Law) entitles Secure Capital to sue Credit Suisse as issuer
  3. 3 Whether the applicable law is English law or Luxembourg law for contractual claims under the Notes

Ratio Decidendi

The claim is contractual and governed by English law as chosen in the Notes. Secure Capital, not being the bearer, has no contractual rights against Credit Suisse. Luxembourg law (Article 8 of the 2001 Law) cannot confer a right to sue on an English law contract. The claim has no real prospect of success and must be dismissed.

Court Disposition

Claim dismissed; summary judgment granted for Credit Suisse