Ixis Corporate & Investment Bank (Formerly CDC Ixis Capital Markets) v Westlb AG & Ors

Ixis Corporate & Investment Bank (Formerly CDC Ixis Capital Markets) v Westlb AG & Ors

The court is satisfied that three classes of relevant documents exist or are likely to exist in Calyon’s possession, custody or power, that these documents may well assist IXIS or adversely affect the case of the defendants on key issues, and that disclosure is necessary for the fair disposal of the claim. The court therefore exercises its discretion to order disclosure, subject to safeguards for confidentiality and costs.

Parties
Claimant: IXIS Corporate & Investment Bank (formerly CDC IXIS Capital Markets); Defendant: WestLB AG; Defendant: CIBC World Markets PLC; Defendant: Terra Firma Capital Partners Limited; Respondent to the Application: Calyon, London Branch
Jurisdiction
England and Wales
Judgment Date
27 July 2007
Procedural Posture
Commercial Application (third Party Disclosure) / Ruling on Application for Third Party Disclosure Under CPR Part 31.17
Outcome
Application granted
Legal Topics
Third Party Disclosure, Disclosure of Documents, Securitisation, Negligence, Deceit
Civil Procedure Banking and Finance Third Party Disclosure Disclosure of Documents Securitisation Negligence Deceit

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Parties

IXIS Corporate & Investment Bank (formerly CDC IXIS Capital Markets)

Claimant

WestLB AG

Defendant

CIBC World Markets PLC

Defendant

Terra Firma Capital Partners Limited

Defendant

Calyon, London Branch

Respondent to the Application

Procedural Posture

Commercial Application (third Party Disclosure) / Ruling on Application for Third Party Disclosure Under CPR Part 31.17

Legal Issues

  1. 1 Whether Calyon, a non-party, should be ordered to disclose documents relevant to the Box Clever Securitisation under CPR Part 31.17
  2. 2 Whether the classes of documents sought are likely to exist and are relevant to the issues in the main proceedings
  3. 3 Whether disclosure is necessary for the fair disposal of the claim

Ratio Decidendi

The court is satisfied that three classes of relevant documents exist or are likely to exist in Calyon’s possession, custody or power, that these documents may well assist IXIS or adversely affect the case of the defendants on key issues, and that disclosure is necessary for the fair disposal of the claim. The court therefore exercises its discretion to order disclosure, subject to safeguards for confidentiality and costs.

Court Disposition

Application granted

Orders

  • Calyon to disclose three specified classes of documents (as detailed in the judgment) relating to the Box Clever Securitisation and the 40% COM assumption, for the period 20 January to 22 February 2002, subject to safeguards for confidentiality and redaction.
  • IXIS to pay Calyon’s reasonable costs of the disclosure exercise, with costs to be assessed if not agreed.