IXIS Corporate & Investment Bank v WestLB Ag & Ors [2007] EWHC 1748 (Comm) (18 July 2007)

IXIS Corporate & Investment Bank v WestLB Ag & Ors [2007] EWHC 1748 (Comm) (18 July 2007)

The application to consolidate was dismissed because, despite overlap in issues, the risk to the scheduled trial date and unfairness to Nomura outweighed any benefit from consolidation. The application was culpably late and Nomura could not reasonably be ready for trial in six months.

Citation
[2007] EWHC 1748 (Comm)
Parties
Claimant: IXIS Corporate & Investment Bank (formerly CDC IXIS Capital Markets); First Defendant: WestLB AG; Second Defendant: CIBC World Markets PLC; Third Defendant: Terra Firma Capital Partners Limited; Interested Party: Nomura International PLC
Jurisdiction
England and Wales
Judgment Date
18 July 2007
Procedural Posture
Commercial Court Application / Application to Consolidate Proceedings
Outcome
Application dismissed
Legal Topics
Consolidation of Proceedings, Case Management, Negligence, Misrepresentation, Deceit, Issue Estoppel
Civil Procedure Commercial Law Consolidation of Proceedings Case Management Negligence Misrepresentation Deceit Issue Estoppel

Case Brief

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Parties

IXIS Corporate & Investment Bank (formerly CDC IXIS Capital Markets)

Claimant

WestLB AG

First Defendant

CIBC World Markets PLC

Second Defendant

Terra Firma Capital Partners Limited

Third Defendant

Nomura International PLC

Interested Party

Procedural Posture

Commercial Court Application / Application to Consolidate Proceedings

Legal Issues

  1. 1 Whether to consolidate IXIS proceedings with Second WestLB proceedings
  2. 2 Overlap of factual and legal issues between proceedings
  3. 3 Fairness and case management in consolidation

Ratio Decidendi

The application to consolidate was dismissed because, despite overlap in issues, the risk to the scheduled trial date and unfairness to Nomura outweighed any benefit from consolidation. The application was culpably late and Nomura could not reasonably be ready for trial in six months.

Court Disposition

Application dismissed

Orders

  • WestLB's application to consolidate proceedings is dismissed
  • Trial date of January 2008 is to be maintained