Graiseley Properties Ltd & Ors v Barclays Bank Plc & Ors

Graiseley Properties Ltd & Ors v Barclays Bank Plc & Ors

Permission to amend pleadings to allege implied representations regarding LIBOR manipulation is arguable and should not be summarily dismissed; novation may not have extinguished rescission rights or may have been only partial, thus amendments on rescission are also arguable.

Parties
Claimant: Graiseley Properties Limited & Ors; Defendant: Barclays Bank Plc; Claimant: Deutsche Bank AG; Claimant: DBS Bank Limited; Claimant: BBK B. S. C.; Claimant: Shinhan Bank; Claimant: LIREF (Singapore) Pte Ltd; Claimant: PT. Bank Negara Indonesia (Persero) TBK, Tokyo Branch; Claimant: BMI Bank BSC; Claimant: DB International (Asia) Limited; Claimant: Axis Specialty Limited; Claimant: DB Trustees (Hong Kong) Limited; Defendant: Unitech Global Limited; Defendant: Unitech Limited
Jurisdiction
England and Wales
Judgment Date
08 November 2013
Procedural Posture
Civil Appeal / Appeal From High Court Permission to Amend Pleadings
Outcome
Appeal from Cooke J allowed; appeal from Flaux J dismissed; permission to amend pleadings granted.
Legal Topics
Implied Representations, Misrepresentation, Novation, LIBOR Manipulation, Fraudulent Inducement, Breach of Warranty, Negligent Misrepresentation
Commercial Law Contract Law Banking Law Implied Representations Misrepresentation Novation LIBOR Manipulation Fraudulent Inducement +2 more

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Parties

Graiseley Properties Limited & Ors

Claimant

Barclays Bank Plc

Defendant

Deutsche Bank AG

Claimant

DBS Bank Limited

Claimant

BBK B. S. C.

Claimant

Shinhan Bank

Claimant

LIREF (Singapore) Pte Ltd

Claimant

PT. Bank Negara Indonesia (Persero) TBK, Tokyo Branch

Claimant

BMI Bank BSC

Claimant

DB International (Asia) Limited

Claimant

Axis Specialty Limited

Claimant

DB Trustees (Hong Kong) Limited

Claimant

Unitech Global Limited

Defendant

Unitech Limited

Defendant

Procedural Posture

Civil Appeal / Appeal From High Court Permission to Amend Pleadings

Legal Issues

  1. 1 Whether banks made implied representations regarding LIBOR integrity in loan and swap agreements
  2. 2 Whether permission to amend pleadings to allege implied representations should be granted
  3. 3 Effect of novation on rescission rights in credit agreements

Ratio Decidendi

Permission to amend pleadings to allege implied representations regarding LIBOR manipulation is arguable and should not be summarily dismissed; novation may not have extinguished rescission rights or may have been only partial, thus amendments on rescission are also arguable.

Court Disposition

Appeal from Cooke J allowed; appeal from Flaux J dismissed; permission to amend pleadings granted.

Orders

  • Permission to amend pleadings to allege implied representations regarding LIBOR manipulation granted.
  • Appeal from Cooke J refusing permission to amend allowed.