Lex Foundation v Citibank NA & Anor [2022] EWHC 1649 (Comm) (28 June 2022)

Lex Foundation v Citibank NA & Anor [2022] EWHC 1649 (Comm) (28 June 2022)

Lex Foundation has no realistic prospect of establishing that the alleged €10 billion transfer took place or was received by Citibank. The evidence from Citibank and Deutsche Bank is clear and uncontradicted, the SWIFT messages are forgeries, and Lex Foundation has failed to provide any credible evidence or explanation. There is no other compelling reason for the case to proceed to trial.

Citation
[2022] EWHC 1649 (Comm)
Parties
Claimant: Lex Foundation; First Defendant: Citibank N. A.; Second Defendant: Citibank UK Limited
Jurisdiction
England and Wales
Judgment Date
28 June 2022
Procedural Posture
Commercial Court Claim for Account and Payment / Summary Judgment Application by Defendants
Outcome
Claim dismissed by summary judgment in favour of defendants
Legal Topics
Summary Judgment, Forgery, Fraud, Banking Transactions, Evidentiary Burden
Civil Procedure Banking Law Summary Judgment Forgery Fraud Banking Transactions Evidentiary Burden

Case Brief

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Parties

Lex Foundation

Claimant

Citibank N. A.

First Defendant

Citibank UK Limited

Second Defendant

Procedural Posture

Commercial Court Claim for Account and Payment / Summary Judgment Application by Defendants

Legal Issues

  1. 1 Whether Lex Foundation has a realistic prospect of establishing that €10 billion was transferred to and received by Citibank on its behalf
  2. 2 Whether there is any compelling reason for the case to proceed to trial despite the summary judgment application

Ratio Decidendi

Lex Foundation has no realistic prospect of establishing that the alleged €10 billion transfer took place or was received by Citibank. The evidence from Citibank and Deutsche Bank is clear and uncontradicted, the SWIFT messages are forgeries, and Lex Foundation has failed to provide any credible evidence or explanation. There is no other compelling reason for the case to proceed to trial.

Court Disposition

Claim dismissed by summary judgment in favour of defendants

Orders

  • Summary judgment granted to Citibank N.A. and Citibank UK Limited
  • Claim by Lex Foundation dismissed in its entirety