Innovatis Investment Fund Ltd v Ejder Group Ltd [2010] EWHC 1850 (Ch) (28 June 2010)

Innovatis Investment Fund Ltd v Ejder Group Ltd [2010] EWHC 1850 (Ch) (28 June 2010)

Ejder and Innovatis dealt as principals; the transaction was a repo requiring Ejder to repurchase the Lehman Note at 68.5% of face value. Ejder's failure to repurchase constituted breach of contract.

Citation
[2010] EWHC 1850 (Ch)
Parties
Claimant: Innovatis Investment Fund Limited; Defendant: Ejder Group Limited
Jurisdiction
England and Wales
Judgment Date
28 June 2010
Procedural Posture
Commercial Contract Dispute / Final Judgment
Outcome
Judgment for the claimant
Legal Topics
Repurchase Agreements (repo), Agency, Breach of Contract, Damages
Contract Law Commercial Law Repurchase Agreements (repo) Agency Breach of Contract Damages

Case Brief

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Parties

Innovatis Investment Fund Limited

Claimant

Ejder Group Limited

Defendant

Procedural Posture

Commercial Contract Dispute / Final Judgment

Legal Issues

  1. 1 Whether Ejder acted as principal or agent in the sale of the Lehman Note
  2. 2 Whether the transaction was a repo or an option
  3. 3 Whether Ejder breached its obligation to repurchase the Note

Ratio Decidendi

Ejder and Innovatis dealt as principals; the transaction was a repo requiring Ejder to repurchase the Lehman Note at 68.5% of face value. Ejder's failure to repurchase constituted breach of contract.

Court Disposition

Judgment for the claimant

Orders

  • Damages to be assessed by reference to the sum payable for the exercise of the repo less amounts realised on the ultimate sale in October 2009