Kwok Ho Wan & Ors v UBS AG (London Branch)

Kwok Ho Wan & Ors v UBS AG (London Branch)

The damage claimed by Ace Decade and Mr Kwok only manifested in London when UBS London sold the H-shares, and UBS London significantly participated in the events giving rise to the claim and loss; therefore, the English court has jurisdiction under articles 5(3) and 5(5) of Lugano II.

Parties
Claimant/respondent: Kwok Ho Wan; Claimant/respondent: Ace Decade Holdings Limited; Claimant/respondent: Dawn State Limited; Defendant/appellant: UBS AG (London Branch)
Jurisdiction
England and Wales
Judgment Date
01 March 2023
Procedural Posture
Civil Appeal / Court of Appeal Judgment
Outcome
Appeal dismissed
Legal Topics
Jurisdiction Under Lugano Convention, Negligent Misstatement, Financial Loss, Branch Operations
Civil Procedure International Jurisdiction Commercial Law Jurisdiction Under Lugano Convention Negligent Misstatement Financial Loss Branch Operations

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Parties

Kwok Ho Wan

Claimant/respondent

Ace Decade Holdings Limited

Claimant/respondent

Dawn State Limited

Claimant/respondent

UBS AG (London Branch)

Defendant/appellant

Procedural Posture

Civil Appeal / Court of Appeal Judgment

Legal Issues

  1. 1 Proper interpretation of articles 5(3) and 5(5) of Lugano II Convention
  2. 2 Whether London was the place where the harmful event occurred under article 5(3)
  3. 3 Whether the dispute arose out of the operations of UBS London under article 5(5)

Ratio Decidendi

The damage claimed by Ace Decade and Mr Kwok only manifested in London when UBS London sold the H-shares, and UBS London significantly participated in the events giving rise to the claim and loss; therefore, the English court has jurisdiction under articles 5(3) and 5(5) of Lugano II.

Court Disposition

Appeal dismissed

Orders

  • English court has jurisdiction to try the claims under articles 5(3) and 5(5) of Lugano II
  • No further relief granted