LEX FOUNDATION v CITIBANK N.A. & Anor
Lex Foundation has no realistic prospect of establishing that the alleged €10 billion transfer occurred, as there is no credible evidence of the existence or transmission of the funds, the SWIFT messages are shown to be forgeries, and neither Deutsche Bank nor Citibank received or sent the alleged funds. There is no other compelling reason for a trial.
- Parties
- Claimant: Lex Foundation; Defendant: Citibank N.A.; Defendant: Citibank UK Limited
- Jurisdiction
- England and Wales
- Judgment Date
- 28 June 2022
- Procedural Posture
- Commercial Court Claim / Summary Judgment Application
- Outcome
- Claim dismissed by summary judgment
- Legal Topics
- Summary Judgment, Forgery, Banking Transactions, Fraud Allegations
Case Brief
Summary, issues, holding and outcome
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Parties
Lex Foundation
Claimant
Citibank N.A.
Defendant
Citibank UK Limited
Defendant
Procedural Posture
Commercial Court Claim / Summary Judgment Application
Legal Issues
- 1 Whether Lex Foundation has a realistic prospect of proving that €10 billion was transferred to Citibank
- 2 Whether there is any other compelling reason for a trial
Ratio Decidendi
Lex Foundation has no realistic prospect of establishing that the alleged €10 billion transfer occurred, as there is no credible evidence of the existence or transmission of the funds, the SWIFT messages are shown to be forgeries, and neither Deutsche Bank nor Citibank received or sent the alleged funds. There is no other compelling reason for a trial.
Court Disposition
Claim dismissed by summary judgment
Orders
- Summary judgment granted in favour of Citibank N.A. and Citibank UK Limited
- Claim by Lex Foundation dismissed in its entirety
Full Case Text
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