Boyse (International) Ltd v Natwest Markets Plc & Anor

Boyse (International) Ltd v Natwest Markets Plc & Anor

The claims are time-barred as Boyse could with reasonable diligence have discovered the alleged fraud from the FSA Final Notice and related publicity by 6 February 2013; the particulars of claim do not adequately plead fraud/deceit and are defective; there is nothing salvageable in the claim and permission to amend is refused.

Parties
Claimant: Boyse (International) Limited; Defendant: NatWest Markets PLC; Defendant: The Royal Bank of Scotland PLC
Jurisdiction
England and Wales
Judgment Date
27 May 2020
Procedural Posture
Civil Commercial/banking / Strike Out and Summary Judgment Applications; Permission to Amend Pleadings
Outcome
Claim struck out; summary judgment for the Bank; permission to amend refused
Legal Topics
Limitation of Actions, Fraud/deceit, Misrepresentation, Interest Rate Hedging Products (irhps), LIBOR Manipulation, Summary Judgment, Pleading Requirements
Banking Law Contract Law Tort Law Civil Procedure Limitation of Actions Fraud/deceit Misrepresentation Interest Rate Hedging Products (irhps) +3 more

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Parties

Boyse (International) Limited

Claimant

NatWest Markets PLC

Defendant

The Royal Bank of Scotland PLC

Defendant

Procedural Posture

Civil Commercial/banking / Strike Out and Summary Judgment Applications; Permission to Amend Pleadings

Legal Issues

  1. 1 Whether the claims in deceit/fraud are barred by limitation under section 32(1)(a) Limitation Act 1980
  2. 2 Whether the particulars of claim adequately plead fraud/deceit
  3. 3 Whether the claim in contract for breach of implied LIBOR terms is time-barred

Ratio Decidendi

The claims are time-barred as Boyse could with reasonable diligence have discovered the alleged fraud from the FSA Final Notice and related publicity by 6 February 2013; the particulars of claim do not adequately plead fraud/deceit and are defective; there is nothing salvageable in the claim and permission to amend is refused.

Court Disposition

Claim struck out; summary judgment for the Bank; permission to amend refused

Orders

  • The particulars of claim and claim form are struck out.
  • Judgment entered for the Bank under CPR 24.2.