Federal Deposit Insurance Corporation as Receiver for Amcore Bank NA & Ors v Barclays Bank Plc & Ors

Federal Deposit Insurance Corporation as Receiver for Amcore Bank NA & Ors v Barclays Bank Plc & Ors

The application for further disclosure of transaction data was refused because the claimant already had extensive and sufficient data to conduct the proposed regression analysis, and had not attempted to do so. The additional data sought was not shown to be necessary or proportionate, especially given the cost, time, and risk of disrupting the trial timetable. The court emphasized that it is for the court, not the expert, to determine necessity and proportionality of disclosure, and that the claimant's expert could proceed with the existing data.

Parties
Claimant: The Federal Deposit Insurance Corporation as Receiver for Amcore Bank NA and Others; First Defendant: Barclays Bank PLC; Second Defendant: Bank of Scotland PLC; Third Defendant: BBA Trent Limited; Fourth Defendant: BBA Enterprises Limited; Fifth Defendant: Coöperatieve Rabobank UA; Sixth Defendant: Deutsche Bank AG; Seventh Defendant: Lloyds Banking Group PLC; Eighth Defendant: Lloyds Bank PLC; Ninth Defendant: NatWest Markets PLC; Tenth Defendant: NatWest Group PLC; Eleventh Defendant: UBS AG
Jurisdiction
England and Wales
Judgment Date
16 January 2025
Procedural Posture
Civil (commercial/competition) / Interlocutory Application (case Management Conference 6)
Outcome
Application for further disclosure refused (save for limited agreed disclosure by NatWest and UBS).
Legal Topics
Disclosure of Documents, Proportionality in Disclosure, Expert Evidence, LIBOR Manipulation, Case Management, Relevance and Necessity of Evidence
Competition Law Commercial Law Banking Law Civil Procedure Disclosure of Documents Proportionality in Disclosure Expert Evidence LIBOR Manipulation +2 more

Case Brief

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Parties

The Federal Deposit Insurance Corporation as Receiver for Amcore Bank NA and Others

Claimant

Barclays Bank PLC

First Defendant

Bank of Scotland PLC

Second Defendant

BBA Trent Limited

Third Defendant

BBA Enterprises Limited

Fourth Defendant

Coöperatieve Rabobank UA

Fifth Defendant

Deutsche Bank AG

Sixth Defendant

Lloyds Banking Group PLC

Seventh Defendant

Lloyds Bank PLC

Eighth Defendant

NatWest Markets PLC

Ninth Defendant

NatWest Group PLC

Tenth Defendant

UBS AG

Eleventh Defendant

Procedural Posture

Civil (commercial/competition) / Interlocutory Application (case Management Conference 6)

Legal Issues

  1. 1 Whether further disclosure of transaction data by defendant banks is necessary, appropriate, or proportionate for the claimant's expert to conduct a regression analysis on alleged USD LIBOR suppression.
  2. 2 Whether the additional data sought (including for periods outside the alleged suppression period and for other financial instruments) is required for a robust expert report.
  3. 3 Whether ordering such disclosure would disrupt the trial timetable.

Ratio Decidendi

The application for further disclosure of transaction data was refused because the claimant already had extensive and sufficient data to conduct the proposed regression analysis, and had not attempted to do so. The additional data sought was not shown to be necessary or proportionate, especially given the cost, time, and risk of disrupting the trial timetable. The court emphasized that it is for the court, not the expert, to determine necessity and proportionality of disclosure, and that the claimant's expert could proceed with the existing data.

Court Disposition

Application for further disclosure refused (save for limited agreed disclosure by NatWest and UBS).

Orders

  • Application for disclosure of additional transaction data dismissed except as agreed by NatWest and UBS.
  • No order for disclosure of further data against other defendants.