The Federal Deposit Insurance Corporation & Ors v Barclays Bank Plc & Ors [2021] EWHC 987 (Ch) (19 March 2021)

The Federal Deposit Insurance Corporation & Ors v Barclays Bank Plc & Ors [2021] EWHC 987 (Ch) (19 March 2021)

The court held that while the Defendants' requests for further information on reliance and quantum are in principle proper and must be answered at some stage, it is not proportionate to require full responses for all 19 banks at this stage. Instead, the Claimant must provide clarification of its case on reliance, causation, and loss under US law within eight weeks, and detailed answers for a sample of four banks by the end of September. The Claimant must also provide certain quantum-related information as offered, but broader or immediate orders for further information or fast-track disclosure are refused. The court declined to order retention of adverse documents from discontinued banks...

Citation
[2021] EWHC 987 (Ch)
Parties
Claimant: The Federal Deposit Insurance Corporation as Receiver for Amcore Bank, N. A. and Others; Defendants: Barclays Bank PLC and Others
Jurisdiction
England and Wales
Judgment Date
19 March 2021
Procedural Posture
Case Management Conference (cmc) in Civil Litigation / First Cmc, Interlocutory Rulings on Case Management, Further Information, and Disclosure
Outcome
Interlocutory orders made; applications for further information and disclosure granted in part and refused in part.
Legal Topics
LIBOR Manipulation, Fraudulent Misrepresentation, Conspiracy, Disclosure Obligations, Case Management, Reliance, Quantum of Damages, US Law Claims in English Courts
Competition Law Tort Law Banking and Finance Law Civil Procedure LIBOR Manipulation Fraudulent Misrepresentation Conspiracy Disclosure Obligations +4 more

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Parties

The Federal Deposit Insurance Corporation as Receiver for Amcore Bank, N. A. and Others

Claimant

Barclays Bank PLC and Others

Defendants

Procedural Posture

Case Management Conference (cmc) in Civil Litigation / First Cmc, Interlocutory Rulings on Case Management, Further Information, and Disclosure

Legal Issues

  1. 1 Whether further information regarding reliance and quantum must be provided by the Claimant at this stage
  2. 2 Whether certain paragraphs should be included in the list of common ground and issues
  3. 3 Whether fast-track or advance disclosure of documents regarding non-performing loans is appropriate

Ratio Decidendi

The court held that while the Defendants' requests for further information on reliance and quantum are in principle proper and must be answered at some stage, it is not proportionate to require full responses for all 19 banks at this stage. Instead, the Claimant must provide clarification of its case on reliance, causation, and loss under US law within eight weeks, and detailed answers for a sample of four banks by the end of September. The Claimant must also provide certain quantum-related information as offered, but broader or immediate orders for further information or fast-track disclosure are refused. The court declined to order retention of adverse documents from discontinued banks...

Court Disposition

Interlocutory orders made; applications for further information and disclosure granted in part and refused in part.

Orders

  • Claimant to provide clarification of its case on reliance, causation, and loss under US law within eight weeks.
  • Claimant to provide detailed answers to reliance-related requests for a sample of four banks by end of September.