Banca Intesa Sanpaolo SPA & Anor v Comune Di Venezia [2022] EWHC 1656 (Comm) (28 June 2022)

Banca Intesa Sanpaolo SPA & Anor v Comune Di Venezia [2022] EWHC 1656 (Comm) (28 June 2022)

On the objective construction of the relevant case management orders, only issues of quantification and valuation were excluded from the main trial. Issues of causation, reliance, and counterfactual conduct remain to be determined at the main trial. The language of the orders, the context, and the practicalities of case management all support this conclusion.

Citation
[2022] EWHC 1656 (Comm)
Parties
Claimant: Banca Intesa Sanpaolo SpA; Claimant: Dexia Crediop SpA; Defendant: Comune di Venezia
Jurisdiction
England and Wales
Judgment Date
28 June 2022
Procedural Posture
Commercial Court Financial Dispute / Preliminary Issue Determination at Start of Main Trial
Outcome
Application granted in favour of the Banks' interpretation.
Legal Topics
Interest Rate Swaps, Capacity and Authority, Restitution, Damages, Case Management, Causation, Contributory Negligence
Banking and Finance Contract Law Private International Law Interest Rate Swaps Capacity and Authority Restitution Damages Case Management +2 more

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Parties

Banca Intesa Sanpaolo SpA

Claimant

Dexia Crediop SpA

Claimant

Comune di Venezia

Defendant

Procedural Posture

Commercial Court Financial Dispute / Preliminary Issue Determination at Start of Main Trial

Legal Issues

  1. 1 Whether issues of causation and counterfactual conduct are to be determined at the main trial or deferred to a quantum trial
  2. 2 Interpretation of case management orders regarding the scope of the main trial and quantum trial
  3. 3 Whether quantification exclusions in prior orders extend to issues of causation and reliance

Ratio Decidendi

On the objective construction of the relevant case management orders, only issues of quantification and valuation were excluded from the main trial. Issues of causation, reliance, and counterfactual conduct remain to be determined at the main trial. The language of the orders, the context, and the practicalities of case management all support this conclusion.

Court Disposition

Application granted in favour of the Banks' interpretation.

Orders

  • Issues of causation and counterfactual conduct raised by the parties' pleaded cases are to be resolved at this trial.