Cassa Di Risparmio Della Repubblica Di San Marino Spa v Barclays Bank Ltd

Cassa Di Risparmio Della Repubblica Di San Marino Spa v Barclays Bank Ltd

No actionable misrepresentations (fraudulent or otherwise) were made by Barclays to CRSM regarding the risk profile of the structured notes. Even if such representations were made, CRSM did not rely on them in entering the transactions. Contractual terms and disclaimers precluded liability for non-fraudulent misrepresentation. No implied term as alleged by CRSM could be read into the contracts. Accordingly, all claims fail.

Parties
Claimant: Cassa di Risparmio della Repubblica di San Marino SpA; Defendant: Barclays Bank Ltd
Jurisdiction
England and Wales
Judgment Date
09 March 2011
Procedural Posture
Commercial Court Civil Claim / Final Judgment After Full Trial
Outcome
Claim dismissed
Legal Topics
Misrepresentation, Deceit, Implied Terms, Contractual Estoppel, Structured Financial Products, Damages
Contract Law Tort Law Banking and Finance Misrepresentation Deceit Implied Terms Contractual Estoppel Structured Financial Products +1 more

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Parties

Cassa di Risparmio della Repubblica di San Marino SpA

Claimant

Barclays Bank Ltd

Defendant

Procedural Posture

Commercial Court Civil Claim / Final Judgment After Full Trial

Legal Issues

  1. 1 Whether Barclays made actionable misrepresentations (fraudulent or otherwise) to CRSM regarding the risk profile of structured notes sold to CRSM
  2. 2 Whether any such misrepresentations induced CRSM to enter into the transactions
  3. 3 Whether contractual terms or disclaimers precluded liability for misrepresentation

Ratio Decidendi

No actionable misrepresentations (fraudulent or otherwise) were made by Barclays to CRSM regarding the risk profile of the structured notes. Even if such representations were made, CRSM did not rely on them in entering the transactions. Contractual terms and disclaimers precluded liability for non-fraudulent misrepresentation. No implied term as alleged by CRSM could be read into the contracts. Accordingly, all claims fail.

Court Disposition

Claim dismissed

Orders

  • All claims by CRSM against Barclays are dismissed.
  • No damages awarded to CRSM.