Intesa Sanpaolo SPA v Regione Piemonte

Intesa Sanpaolo SPA v Regione Piemonte

Piedmont failed to act promptly in seeking to set aside the default judgment, and did not demonstrate a real prospect of success or any other good reason for setting aside. The evidence did not establish lack of capacity, breach of fiduciary duty, or misrepresentation. The Banks are entitled to summary judgment for the amounts claimed.

Parties
Claimant/respondent: Intesa Sanpaolo S.p. A.; Claimant/respondent: Dexia Crediop S.p. A.; Defendant/applicant: Regione Piemonte
Jurisdiction
England and Wales
Judgment Date
16 July 2013
Procedural Posture
Commercial Court Proceedings / Summary Judgment and Application to Set Aside Default Judgment
Outcome
Applications by Piedmont to set aside default judgment dismissed; summary judgment granted in favour of the Banks.
Legal Topics
Derivative Transactions, Default Judgment, Summary Judgment, Jurisdiction, Capacity of Public Authorities, Fiduciary Duties, Contractual Estoppel
Commercial Law Banking Law Conflict of Laws Derivative Transactions Default Judgment Summary Judgment Jurisdiction Capacity of Public Authorities +2 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 5 Authorities cited 16 Party arguments 2 Amounts and remedies 2
Sign in to unlock

Parties

Intesa Sanpaolo S.p. A.

Claimant/respondent

Dexia Crediop S.p. A.

Claimant/respondent

Regione Piemonte

Defendant/applicant

Procedural Posture

Commercial Court Proceedings / Summary Judgment and Application to Set Aside Default Judgment

Legal Issues

  1. 1 Whether Piedmont acted promptly in seeking to set aside default judgment
  2. 2 Whether Piedmont has a real prospect of defending the claim
  3. 3 Whether Piedmont had capacity under Italian law to enter into the derivative transactions

Ratio Decidendi

Piedmont failed to act promptly in seeking to set aside the default judgment, and did not demonstrate a real prospect of success or any other good reason for setting aside. The evidence did not establish lack of capacity, breach of fiduciary duty, or misrepresentation. The Banks are entitled to summary judgment for the amounts claimed.

Court Disposition

Applications by Piedmont to set aside default judgment dismissed; summary judgment granted in favour of the Banks.

Orders

  • Summary judgment for Intesa Sanpaolo S.p. A. in the amount of €20,319,610.48 plus interest.
  • Summary judgment for Dexia Crediop S.p. A. in the amount of €16,307,838.16 plus interest.