The Federal Deposit Insurance Corporation v Barclays Bank PLC & Ors

The Federal Deposit Insurance Corporation v Barclays Bank PLC & Ors

The court refused the claimant's applications for further information and/or disclosure at this stage, finding that the claimants already had sufficient information to make targeted requests, that the applications were premature, and that the orders sought would be disproportionate and burdensome. The court held that expert-led discussions should occur before any further disclosure or information is ordered, and that the parties are required to co-operate to resolve disputes about data and disclosure. The court gave guidance (but no order) that the defendants should make reasonable efforts to identify participants in a limited set of audio files and that all parties must co-operate in...

Parties
Claimant: The Federal Deposit Insurance Corporation (as receiver for Amcore Bank, NA and for the other financial institutions identified in Schedule 2 to the Particulars of Claim); Defendant: Barclays Bank PLC; Defendant: Bank of Scotland PLC; Defendant: BBA Trent Limited; Defendant: BBA Enterprises Limited; Defendant: Coöperatieve Rabobank UA; Defendant: Deutsche Bank AG; Defendant: Lloyds Banking Group PLC; Defendant: Lloyds Bank PLC; Defendant: NatWest Markets PLC; Defendant: NatWest Group PLC; Defendant: UBS AG
Jurisdiction
England and Wales
Judgment Date
11 October 2024
Procedural Posture
Competition/tort (disclosure Application in Ongoing Civil Proceedings) / Interlocutory Application (fourth Case Management Conference, Disclosure Applications)
Outcome
All applications for further disclosure/information refused at this stage; no orders made on the applications; guidance given for co-operation and future process.
Legal Topics
Disclosure of Documents, Case Management, LIBOR Manipulation, Cartel/fraud Claims, Expert Evidence, Proportionality in Disclosure
Competition Law Tort Law Civil Procedure Disclosure of Documents Case Management LIBOR Manipulation Cartel/fraud Claims Expert Evidence +1 more

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Parties

The Federal Deposit Insurance Corporation (as receiver for Amcore Bank, NA and for the other financial institutions identified in Schedule 2 to the Particulars of Claim)

Claimant

Barclays Bank PLC

Defendant

Bank of Scotland PLC

Defendant

BBA Trent Limited

Defendant

BBA Enterprises Limited

Defendant

Coöperatieve Rabobank UA

Defendant

Deutsche Bank AG

Defendant

Lloyds Banking Group PLC

Defendant

Lloyds Bank PLC

Defendant

NatWest Markets PLC

Defendant

NatWest Group PLC

Defendant

UBS AG

Defendant

Procedural Posture

Competition/tort (disclosure Application in Ongoing Civil Proceedings) / Interlocutory Application (fourth Case Management Conference, Disclosure Applications)

Legal Issues

  1. 1 Whether the defendants should be ordered to provide further information and/or disclosure regarding four key categories of documents prior to a further specific disclosure hearing
  2. 2 Whether the defendants should be required to identify participants in disclosed audio files
  3. 3 Whether the defendants should be required to provide information regarding the existence and availability of transactional data for expert analysis

Ratio Decidendi

The court refused the claimant's applications for further information and/or disclosure at this stage, finding that the claimants already had sufficient information to make targeted requests, that the applications were premature, and that the orders sought would be disproportionate and burdensome. The court held that expert-led discussions should occur before any further disclosure or information is ordered, and that the parties are required to co-operate to resolve disputes about data and disclosure. The court gave guidance (but no order) that the defendants should make reasonable efforts to identify participants in a limited set of audio files and that all parties must co-operate in...

Court Disposition

All applications for further disclosure/information refused at this stage; no orders made on the applications; guidance given for co-operation and future process.