Regione Piemonte v Dexia Crediop SpA

Regione Piemonte v Dexia Crediop SpA

The Court of Appeal held that the delay in seeking to set aside the default judgment was significant and unjustified, and that Piedmont failed to establish a real prospect of success on any defence, including lack of capacity, breach of fiduciary duty, illegality, or misselling. The contractual estoppel and representations in the ISDA Master Agreement prevented Piedmont from denying validity. The court refused permission to appeal and upheld summary judgment for Dexia.

Parties
Appellant: Regione Piemonte; Respondent: Dexia Crediop Spa
Jurisdiction
England and Wales
Judgment Date
09 October 2014
Procedural Posture
Civil Appeal / Court of Appeal Judgment
Outcome
Appeal dismissed; permission to appeal refused.
Legal Topics
Default Judgment, Capacity of Public Bodies, Fiduciary Duties, Contractual Estoppel, Derivatives, Jurisdiction, Comity, Illegality, Misselling, Qualified Investor
Contract Law International Law Public Law Default Judgment Capacity of Public Bodies Fiduciary Duties Contractual Estoppel Derivatives +5 more

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Parties

Regione Piemonte

Appellant

Dexia Crediop Spa

Respondent

Procedural Posture

Civil Appeal / Court of Appeal Judgment

Legal Issues

  1. 1 Whether the default judgment should be set aside due to alleged lack of capacity, breach of fiduciary duty, non-disclosure, or illegality under Italian law
  2. 2 Whether summary judgment for monetary claims was properly granted
  3. 3 Whether English law and jurisdiction should be enforced over Italian administrative remedies

Ratio Decidendi

The Court of Appeal held that the delay in seeking to set aside the default judgment was significant and unjustified, and that Piedmont failed to establish a real prospect of success on any defence, including lack of capacity, breach of fiduciary duty, illegality, or misselling. The contractual estoppel and representations in the ISDA Master Agreement prevented Piedmont from denying validity. The court refused permission to appeal and upheld summary judgment for Dexia.

Court Disposition

Appeal dismissed; permission to appeal refused.

Orders

  • Default judgment and summary judgment for Dexia upheld.
  • No relief granted to Piedmont.