Deutsche Bank AG & Ors v Unitech Global Ltd & Ors [2013] EWHC 471 (Comm) (28 February 2013)

Deutsche Bank AG & Ors v Unitech Global Ltd & Ors [2013] EWHC 471 (Comm) (28 February 2013)

No implied representation as to the integrity of LIBOR arises merely from a bank being a panel member and entering into a LIBOR-referenced contract. The pleaded amendments, based solely on these facts, have no realistic prospect of success. Contractual disclaimers, non-reliance, and entire agreement clauses further preclude such claims. The applications to amend are refused.

Citation
[2013] EWHC 471 (Comm)
Parties
Claimant: Deutsche Bank AG; Claimant: DBS Bank Limited; Claimant: BBK B. S. C.; Claimant: Shinhan Bank; Claimant: LIREF (Singapore) Pte. Ltd.; Claimant: PT. Bank Negara Indonesia (Persero) Tbk, Tokyo Branch; Claimant: BMI Bank BSC (C); Claimant: DB International (Asia) Limited; Claimant: Axis Specialty Limited; Claimant: DB Trustees (Hong Kong) Limited; Defendant: Unitech Global Limited; Defendant: Unitech Limited
Jurisdiction
England and Wales
Judgment Date
28 February 2013
Procedural Posture
Commercial Court Proceedings (applications to Amend Statements of Case) / Interlocutory Application for Permission to Amend Defence and Counterclaim
Outcome
Application to amend statements of case refused
Legal Topics
Implied Representations, Misrepresentation, LIBOR Manipulation, Implied Contractual Terms, Novation and Assignment, Remedies for Misrepresentation
Contract Law Banking and Finance Law Tort Law Implied Representations Misrepresentation LIBOR Manipulation Implied Contractual Terms Novation and Assignment +1 more

Case Brief

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Parties

Deutsche Bank AG

Claimant

DBS Bank Limited

Claimant

BBK B. S. C.

Claimant

Shinhan Bank

Claimant

LIREF (Singapore) Pte. Ltd.

Claimant

PT. Bank Negara Indonesia (Persero) Tbk, Tokyo Branch

Claimant

BMI Bank BSC (C)

Claimant

DB International (Asia) Limited

Claimant

Axis Specialty Limited

Claimant

DB Trustees (Hong Kong) Limited

Claimant

Unitech Global Limited

Defendant

Unitech Limited

Defendant

Procedural Posture

Commercial Court Proceedings (applications to Amend Statements of Case) / Interlocutory Application for Permission to Amend Defence and Counterclaim

Legal Issues

  1. 1 Whether entering into LIBOR-referenced contracts by a panel bank gives rise to implied representations regarding the integrity of LIBOR
  2. 2 Whether the defendants can amend their pleadings to allege misrepresentation, breach of duty, or warranty based on alleged LIBOR manipulation
  3. 3 Whether any such amendments have a realistic prospect of success

Ratio Decidendi

No implied representation as to the integrity of LIBOR arises merely from a bank being a panel member and entering into a LIBOR-referenced contract. The pleaded amendments, based solely on these facts, have no realistic prospect of success. Contractual disclaimers, non-reliance, and entire agreement clauses further preclude such claims. The applications to amend are refused.

Court Disposition

Application to amend statements of case refused

Orders

  • Permission to amend defence and counterclaim refused in both actions
  • No amendments allowed on the basis of the current pleadings