The Federal Deposit Insurance Corporation & Ors v Barclays Bank Plc & Ors

The Federal Deposit Insurance Corporation & Ors v Barclays Bank Plc & Ors

The court ruled that requests for further information regarding reliance, causation, and loss are proper and must be answered for a sample of four banks within specified timeframes, balancing the need for information with the practical burdens on the Claimant as receiver. Orders for quantum information and underlying documents are limited to what is reasonably available. Fast-track disclosure for non-performing loans and retention of adverse documents from withdrawing banks is not ordered, as assurances have been given. Costs for the application to amend are awarded to the Defendants, but costs relating to discontinuance are not awarded to the BBA Parties, given the commonality of issues...

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
Civil / Case Management Conference (cmc) Extempore Rulings
Outcome
Orders made for provision of further information and quantum calculations within specified timeframes; costs of amendment application awarded to Defendants; no costs awarded to BBA Parties for discontinuance; other disclosure and case management directions given.
Legal Topics
LIBOR Manipulation, Fraudulent Misrepresentation, Conspiracy, Aiding and Abetting, Case Management, Disclosure, Quantum of Damages, Costs, Reliance, Loss and Damage
Competition Law Fraud Tort Banking Law Civil Procedure LIBOR Manipulation Fraudulent Misrepresentation Conspiracy +7 more

Case Brief

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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

Civil / Case Management Conference (cmc) Extempore Rulings

Legal Issues

  1. 1 Whether certain paragraphs should be included in the list of common ground and issues
  2. 2 Adequacy and timing of further information requests regarding reliance, causation, and loss
  3. 3 Provision of quantum information and underlying documents

Ratio Decidendi

The court ruled that requests for further information regarding reliance, causation, and loss are proper and must be answered for a sample of four banks within specified timeframes, balancing the need for information with the practical burdens on the Claimant as receiver. Orders for quantum information and underlying documents are limited to what is reasonably available. Fast-track disclosure for non-performing loans and retention of adverse documents from withdrawing banks is not ordered, as assurances have been given. Costs for the application to amend are awarded to the Defendants, but costs relating to discontinuance are not awarded to the BBA Parties, given the commonality of issues...

Court Disposition

Orders made for provision of further information and quantum calculations within specified timeframes; costs of amendment application awarded to Defendants; no costs awarded to BBA Parties for discontinuance; other disclosure and case management directions given.

Orders

  • Claimant to provide further clarification of its case under US law within eight weeks.
  • Claimant to provide detailed answers regarding reliance for four sample banks by end of September.