Dexia SA v Comune Di Torino

Dexia SA v Comune Di Torino

Clause 13(b) of the ISDA Master Agreement confers exclusive jurisdiction on the English courts over disputes relating to the Transactions vis-à-vis Italy, a Contracting State under the relevant conventions, and Italian law on 'non-disposable rights' does not invalidate the jurisdiction agreement; Torino has no realistic prospect of defending the declarations sought.

Parties
Claimant: Dexia S. A.; Defendant: Comune di Torino
Jurisdiction
England and Wales
Judgment Date
28 July 2025
Procedural Posture
Commercial / Summary Judgment
Outcome
summary judgment granted
Legal Topics
Jurisdiction Clauses, ISDA Master Agreement, Exclusive Jurisdiction, Summary Judgment, Choice of Court Agreements
Contract Law Private International Law Financial Law Jurisdiction Clauses ISDA Master Agreement Exclusive Jurisdiction Summary Judgment Choice of Court Agreements

Case Brief

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Parties

Dexia S. A.

Claimant

Comune di Torino

Defendant

Procedural Posture

Commercial / Summary Judgment

Legal Issues

  1. 1 Whether Clause 13(b) of the ISDA Master Agreement confers exclusive jurisdiction on the English courts over the validity of the Transactions and related liabilities
  2. 2 Whether the Italian Proceedings breach the jurisdiction clause
  3. 3 Whether Italian law on 'non-disposable rights' affects the validity of the jurisdiction agreement

Ratio Decidendi

Clause 13(b) of the ISDA Master Agreement confers exclusive jurisdiction on the English courts over disputes relating to the Transactions vis-à-vis Italy, a Contracting State under the relevant conventions, and Italian law on 'non-disposable rights' does not invalidate the jurisdiction agreement; Torino has no realistic prospect of defending the declarations sought.

Court Disposition

summary judgment granted

Orders

  • Declaration that the English courts have exclusive jurisdiction over the validity of the Transactions and related liabilities under Clause 13(b) of the ISDA Master Agreement
  • Declaration that the Italian Proceedings have been commenced in breach of Clause 13(b)