Marme Inversiones 2007 SL v Natwest Markets Plc & Ors [2019] EWHC 366 (Comm) (25 February 2019)

Marme Inversiones 2007 SL v Natwest Markets Plc & Ors [2019] EWHC 366 (Comm) (25 February 2019)

Marme failed to establish that RBS (or the Non-RBS Banks via agency) made actionable implied representations regarding EURIBOR integrity; the alleged representations were too wide, ambiguous, and not objectively made. Marme did not prove inducement or reliance on such representations. No agency relationship was established for RBS to bind the Non-RBS Banks in representations. The swaps were validly terminated and Marme is liable for the termination sums.

Citation
[2019] EWHC 366 (Comm)
Parties
Claimant: Marme Inversiones 2007 SL; First Defendant: NatWest Markets PLC; Second Defendant: HSH Nordbank AG; Third Defendant: Bayerische Landesbank; Fourth Defendant: ING Bank NV; Fifth Defendant: Caixabank SA
Jurisdiction
England and Wales
Judgment Date
25 February 2019
Procedural Posture
Commercial Court Claim and Counterclaim / Final Judgment After Trial
Outcome
Claim dismissed; counterclaims and declarations granted for Defendants.
Legal Topics
Misrepresentation, Fraud, Interest Rate Swaps, Agency, Declaratory Relief, Rescission, Damages, EURIBOR Manipulation
Commercial Law Banking and Finance Contract Law Misrepresentation Fraud Interest Rate Swaps Agency Declaratory Relief +3 more

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Parties

Marme Inversiones 2007 SL

Claimant

NatWest Markets PLC

First Defendant

HSH Nordbank AG

Second Defendant

Bayerische Landesbank

Third Defendant

ING Bank NV

Fourth Defendant

Caixabank SA

Fifth Defendant

Procedural Posture

Commercial Court Claim and Counterclaim / Final Judgment After Trial

Legal Issues

  1. 1 Whether RBS (and by agency, the Non-RBS Banks) made actionable misrepresentations regarding EURIBOR integrity
  2. 2 Whether Marme was induced to enter the swaps by such misrepresentations
  3. 3 Whether RBS acted as agent for the Non-RBS Banks in making representations

Ratio Decidendi

Marme failed to establish that RBS (or the Non-RBS Banks via agency) made actionable implied representations regarding EURIBOR integrity; the alleged representations were too wide, ambiguous, and not objectively made. Marme did not prove inducement or reliance on such representations. No agency relationship was established for RBS to bind the Non-RBS Banks in representations. The swaps were validly terminated and Marme is liable for the termination sums.

Court Disposition

Claim dismissed; counterclaims and declarations granted for Defendants.

Orders

  • Marme's claim for rescission and damages dismissed.
  • Declarations granted that the swaps were validly terminated by Defendants in November 2014.