Ixis Corporate & Investment Bank (Formerly CDC Ixis Capital Markets) v Westlb AG & Ors [2007] EWHC 1852 (Comm) (27 July 2007)

Ixis Corporate & Investment Bank (Formerly CDC Ixis Capital Markets) v Westlb AG & Ors [2007] EWHC 1852 (Comm) (27 July 2007)

The court has jurisdiction and should exercise its discretion to order Calyon to disclose three classes of documents relating to the Box Clever Securitisation, as they are likely to exist and may well support IXIS's case or adversely affect WestLB or Terra Firma. Disclosure is necessary for fair disposal of the claim, and privacy concerns can be addressed by redaction. Calyon may recover reasonable costs for the disclosure exercise.

Citation
[2007] EWHC 1852 (Comm)
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 Application: Calyon, London Branch
Jurisdiction
England and Wales
Judgment Date
27 July 2007
Procedural Posture
Commercial Court Application for Third Party Disclosure / Interlocutory Application Under CPR Part 31.17
Outcome
application granted
Legal Topics
Third Party Disclosure, Negligence, Deceit, Securitisation, Misstatement
Commercial Law Civil Procedure Third Party Disclosure Negligence Deceit Securitisation Misstatement

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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 Application

Procedural Posture

Commercial Court Application for Third Party Disclosure / Interlocutory Application 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 support the applicant's case or adversely affect other parties
  3. 3 whether disclosure is necessary for fair disposal of the claim or to save costs

Ratio Decidendi

The court has jurisdiction and should exercise its discretion to order Calyon to disclose three classes of documents relating to the Box Clever Securitisation, as they are likely to exist and may well support IXIS's case or adversely affect WestLB or Terra Firma. Disclosure is necessary for fair disposal of the claim, and privacy concerns can be addressed by redaction. Calyon may recover reasonable costs for the disclosure exercise.

Court Disposition

application granted

Orders

  • Calyon ordered to disclose three classes of documents (communications between CAI and Nomura, internal Deal Team communications, Credit Department documents) relating to the Box Clever model and 40% COM assumption for the period 20 January to 22 February 2002, subject to redaction for irrelevant confidential material.
  • IXIS to pay reasonable costs of Calyon's disclosure exercise, with assessment of costs to follow guidelines on hourly rates.