KWOK HO WAN v UBS AG (LONDON BRANCH)

KWOK HO WAN v UBS AG (LONDON BRANCH)

The English court has jurisdiction under Article 5(3) because the economic loss suffered by the Claimants manifested in London when the shares were liquidated from the Secured Account held with UBS London, making London the place where the harmful event occurred. Jurisdiction is also established under Article 5(5) because the claims arise out of the operations of UBS London, which played a critical role in the transaction structure and the events leading to the alleged loss.

Parties
Claimant/respondent: Kwok Ho Wan; Claimant/respondent: Ace Decade Holdings Limited; Claimant/respondent: Dawn State Limited; Defendant/applicant: UBS AG (London Branch)
Jurisdiction
England and Wales
Judgment Date
09 February 2022
Procedural Posture
Jurisdictional Challenge (commercial Court) / Ruling on Application to Contest Jurisdiction
Outcome
Application dismissed. Declaration of jurisdiction granted.
Legal Topics
Jurisdiction Under Lugano Convention, Negligent Misstatement, Economic Loss, Branch Operations, Special Jurisdiction, Manifestation of Damage
Private International Law Commercial Law Tort Law Jurisdiction Under Lugano Convention Negligent Misstatement Economic Loss Branch Operations Special Jurisdiction +1 more

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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/applicant

Procedural Posture

Jurisdictional Challenge (commercial Court) / Ruling on Application to Contest Jurisdiction

Legal Issues

  1. 1 Whether the English court has jurisdiction under Article 5(3) and/or Article 5(5) of the Lugano Convention over claims by the First and Second Claimants against UBS AG (London Branch)
  2. 2 Where the harmful event occurred for the purposes of Article 5(3) in a case of pure economic loss
  3. 3 Whether the claims arise out of the operations of the London branch for Article 5(5)

Ratio Decidendi

The English court has jurisdiction under Article 5(3) because the economic loss suffered by the Claimants manifested in London when the shares were liquidated from the Secured Account held with UBS London, making London the place where the harmful event occurred. Jurisdiction is also established under Article 5(5) because the claims arise out of the operations of UBS London, which played a critical role in the transaction structure and the events leading to the alleged loss.

Court Disposition

Application dismissed. Declaration of jurisdiction granted.

Orders

  • UBS London’s application to contest jurisdiction is dismissed.
  • The Court declares that it has jurisdiction over the Claimants’ claims.