Merrill Lynch v Commune Di Verona

Merrill Lynch v Commune Di Verona

There was a real and present dispute between the parties, evidenced by threats of proceedings and media reports. The claimants had a legitimate commercial interest in declaratory relief, and the defendant was contractually estopped from denying the representations and terms of the transactions. The court granted declarations 1 to 11 but refused declarations 12 and 13 due to lack of evidence on non-liability.

Parties
Claimant: Merrill Lynch International Bank Limited and Merrill Lynch International; Defendant: Comune Di Verona
Jurisdiction
England and Wales
Judgment Date
22 May 2012
Procedural Posture
Commercial / Trial Judgment
Outcome
Declarations 1 to 11 granted; declarations 12 and 13 refused.
Legal Topics
Declaratory Relief, Jurisdiction Clauses, Interest Rate Swaps
Contract Law Banking and Finance Declaratory Relief Jurisdiction Clauses Interest Rate Swaps

Case Brief

Summary, issues, holding and outcome

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Parties

Merrill Lynch International Bank Limited and Merrill Lynch International

Claimant

Comune Di Verona

Defendant

Procedural Posture

Commercial / Trial Judgment

Legal Issues

  1. 1 Whether the claim discloses a cause of action
  2. 2 Whether there is a real and present dispute between the parties
  3. 3 Whether the court should exercise its discretion to grant declaratory relief

Ratio Decidendi

There was a real and present dispute between the parties, evidenced by threats of proceedings and media reports. The claimants had a legitimate commercial interest in declaratory relief, and the defendant was contractually estopped from denying the representations and terms of the transactions. The court granted declarations 1 to 11 but refused declarations 12 and 13 due to lack of evidence on non-liability.

Court Disposition

Declarations 1 to 11 granted; declarations 12 and 13 refused.

Orders

  • Declarations 1 to 11 in the draft order are granted, reflecting the representations and terms of the transactions.
  • Declarations 12 and 13 (wide-ranging non-liability) are refused.