Deutsche Bank AG & Ors v Unitech Global Ltd & Ors

Deutsche Bank AG & Ors v Unitech Global Ltd & Ors

The proposed amendments alleging implied LIBOR misrepresentations, warranties, or duties arising from referencing LIBOR in contracts or from DB AG's panel membership have no realistic prospect of success. No actionable representation can be objectively inferred from the pleaded facts, and contractual disclaimers and entire agreement clauses preclude such claims. Novation extinguishes any right to rescind, and assignment does not transfer misrepresentation liability. Relief sought, including rescission or discharge, is legally unsustainable.

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 / Interlocutory Application for Amendment of Pleadings
Outcome
Application for amendment refused
Legal Topics
Misrepresentation, Implied Terms, LIBOR Manipulation, Novation, Assignment, Guarantee, Damages, Rescission
Contract Tort Banking Misrepresentation Implied Terms LIBOR Manipulation Novation Assignment +3 more

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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 / Interlocutory Application for Amendment of Pleadings

Legal Issues

  1. 1 Whether proposed amendments alleging LIBOR misrepresentations have a realistic prospect of success
  2. 2 Whether implied representations or warranties arise from referencing LIBOR in contracts
  3. 3 Whether novation or assignment transfers misrepresentation liability

Ratio Decidendi

The proposed amendments alleging implied LIBOR misrepresentations, warranties, or duties arising from referencing LIBOR in contracts or from DB AG's panel membership have no realistic prospect of success. No actionable representation can be objectively inferred from the pleaded facts, and contractual disclaimers and entire agreement clauses preclude such claims. Novation extinguishes any right to rescind, and assignment does not transfer misrepresentation liability. Relief sought, including rescission or discharge, is legally unsustainable.

Court Disposition

Application for amendment refused

Orders

  • Proposed amendments to pleadings are not allowed