Intesa Sanpaolo SPA v Regione Piemonte [2013] EWHC 1994 (Comm) (16 July 2013)

Intesa Sanpaolo SPA v Regione Piemonte [2013] EWHC 1994 (Comm) (16 July 2013)

Regione Piemonte's applications to set aside the default judgment were dismissed due to inordinate delay and lack of any real prospect of a substantive defence; the Banks were entitled to summary judgment as the transactions were valid, binding, and enforceable, and there was no credible evidence of lack of capacity, breach of fiduciary duty, mis-selling, or other defences.

Citation
[2013] EWHC 1994 (Comm)
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 (claims for Declaratory and Monetary Relief) / Applications to Set Aside Default Judgment and for Summary Judgment
Outcome
Applications by Regione Piemonte to set aside default judgment dismissed; summary judgment granted in favour of the Banks.
Legal Topics
Derivative Transactions, Capacity of Public Authorities, Default Judgment, Summary Judgment, Fiduciary Duties, Contractual Estoppel, Jurisdiction, Declaratory Relief
Banking and Finance Law Contract Law Conflict of Laws Derivative Transactions Capacity of Public Authorities Default Judgment Summary Judgment Fiduciary Duties +3 more

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Parties

Intesa Sanpaolo S.p.A.

Claimant/respondent

Dexia Crediop S.p.A.

Claimant/respondent

Regione Piemonte

Defendant/applicant

Procedural Posture

Commercial Court Proceedings (claims for Declaratory and Monetary Relief) / Applications to Set Aside Default Judgment and for Summary Judgment

Legal Issues

  1. 1 Whether default judgment in favour of the Banks should be set aside under CPR 13.3
  2. 2 Whether the Banks are entitled to summary judgment for sums due under derivative transactions
  3. 3 Whether Regione Piemonte lacked capacity under Italian law to enter into the transactions

Ratio Decidendi

Regione Piemonte's applications to set aside the default judgment were dismissed due to inordinate delay and lack of any real prospect of a substantive defence; the Banks were entitled to summary judgment as the transactions were valid, binding, and enforceable, and there was no credible evidence of lack of capacity, breach of fiduciary duty, mis-selling, or other defences.

Court Disposition

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

Orders

  • Regione Piemonte's applications to set aside the Cooke J Judgment are dismissed.
  • Summary judgment is granted in favour of Intesa Sanpaolo S.p.A. and Dexia Crediop S.p.A. for the sums claimed.