Loreley Financing (Jersey) No. 30 Limited v Credit Suisse Securities (Europe) Limited & Ors.

Loreley Financing (Jersey) No. 30 Limited v Credit Suisse Securities (Europe) Limited & Ors.

The evidence does not establish that Loreley Financing has control over KfW documents accessed by Messrs Bulgrin and Christ. The agency relationship does not confer unfettered access to all KfW documents; control is limited to documents created in relation to the claim. The application for disclosure fails as the evidential threshold for control is not met.

Parties
Claimant: Loreley Financing (Jersey) No. 30 Limited; Defendant: Credit Suisse Securities (Europe) Limited; Defendant: Credit Suisse International; Defendant: Credit Suisse (USA) LLC; Defendant: Credit Suisse AG
Jurisdiction
England and Wales
Judgment Date
28 February 2023
Procedural Posture
Commercial Court Application / Disclosure Application Prior to Trial
Outcome
Application for disclosure refused
Legal Topics
Disclosure, Control of Documents, Agency, Limitation
Civil Procedure Commercial Law Disclosure Control of Documents Agency Limitation

Case Brief

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Parties

Loreley Financing (Jersey) No. 30 Limited

Claimant

Credit Suisse Securities (Europe) Limited

Defendant

Credit Suisse International

Defendant

Credit Suisse (USA) LLC

Defendant

Credit Suisse AG

Defendant

Procedural Posture

Commercial Court Application / Disclosure Application Prior to Trial

Legal Issues

  1. 1 Whether documents held by KfW employees are within the control of Loreley Financing for disclosure purposes
  2. 2 Whether the agency relationship between KfW employees and Loreley Financing establishes control over KfW documents
  3. 3 Whether the disclosure application was made too late in the proceedings

Ratio Decidendi

The evidence does not establish that Loreley Financing has control over KfW documents accessed by Messrs Bulgrin and Christ. The agency relationship does not confer unfettered access to all KfW documents; control is limited to documents created in relation to the claim. The application for disclosure fails as the evidential threshold for control is not met.

Court Disposition

Application for disclosure refused

Orders

  • Disclosure of KfW documents accessed by Messrs Bulgrin and Christ refused
  • Order for disclosure of two agreements to which Loreley Financing is a party, subject to privilege regime