The Libyan Investment Authority v J.P. Morgan Markets Ltd & Ors (Rev 1)

The Libyan Investment Authority v J.P. Morgan Markets Ltd & Ors (Rev 1)

Service out of the jurisdiction was set aside because the LIA failed to give full and frank disclosure regarding limitation, and the claims against Mr Giahmi and Lands stood no real prospect of success due to being time-barred under English law. Claims for money had and received and fraud lacked legal foundation beyond the amount of the alleged bribes. The breach of disclosure was deliberate and egregious, warranting discharge of the order.

Parties
Claimant: Libyan Investment Authority; Defendant: JP Morgan Chase & Co; Defendant: J. P. Morgan Markets Limited; Third Defendant: Walid Mohamed Ali Al-Giahmi; Fourth Defendant: Lands Company Limited
Jurisdiction
England and Wales
Judgment Date
10 June 2019
Procedural Posture
Commercial Claim / Ruling on Applications to Set Aside Service, Strike Out Claims, and Stay Proceedings
Outcome
Service out of the jurisdiction set aside; claims struck out for lack of real prospect of success; alternative service upheld; stay application refused.
Legal Topics
Limitation of Actions, Full and Frank Disclosure, Service Out of Jurisdiction, Abuse of Process, Alternative Service, Money Had and Received, Fraud
Civil Procedure Commercial Law Limitation of Actions Full and Frank Disclosure Service Out of Jurisdiction Abuse of Process Alternative Service Money Had and Received +1 more

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Parties

Libyan Investment Authority

Claimant

JP Morgan Chase & Co

Defendant

J. P. Morgan Markets Limited

Defendant

Walid Mohamed Ali Al-Giahmi

Third Defendant

Lands Company Limited

Fourth Defendant

Procedural Posture

Commercial Claim / Ruling on Applications to Set Aside Service, Strike Out Claims, and Stay Proceedings

Legal Issues

  1. 1 Whether the claims against Mr Giahmi and Lands are time-barred under English law
  2. 2 Whether the LIA failed to give full and frank disclosure in its without notice application
  3. 3 Whether the claims for money had and received and fraud stand a real prospect of success

Ratio Decidendi

Service out of the jurisdiction was set aside because the LIA failed to give full and frank disclosure regarding limitation, and the claims against Mr Giahmi and Lands stood no real prospect of success due to being time-barred under English law. Claims for money had and received and fraud lacked legal foundation beyond the amount of the alleged bribes. The breach of disclosure was deliberate and egregious, warranting discharge of the order.

Court Disposition

Service out of the jurisdiction set aside; claims struck out for lack of real prospect of success; alternative service upheld; stay application refused.

Orders

  • Order for service out of jurisdiction set aside
  • Claims against Mr Giahmi and Lands struck out