McAteer & Ors v Fried & Ors [2019] IECA 216 (17 July 2019)

McAteer & Ors v Fried & Ors [2019] IECA 216 (17 July 2019)

The Court of Appeal held that the paragraphs of the defence (Laszlo Fried LIBOR Claim) were unsustainable, speculative, unsupported by credible evidence, and bound to fail. No agency relationship between Ulster Bank and RBS was established, fraud was not properly pleaded, and the alleged LIBOR manipulation by RBS did not taint the contracts with Ulster Bank. The High Court was correct to strike out the relevant paragraphs.

Citation
[2019] IECA 216
Parties
Appellants/defendants: Laszlo Fried & Ors; Respondents/plaintiffs: Ulster Bank Ireland Ltd & Ors
Jurisdiction
Ireland
Judgment Date
17 July 2019
Procedural Posture
Civil Appeal / Appeal From High Court Judgment Striking Out Defence Paragraphs as Frivolous and Vexatious
Outcome
Appeal dismissed
Legal Topics
Agency, Fraud Pleading Requirements, LIBOR Manipulation, Strike Out Applications, Illegality in Contracts
Banking Law Contract Law Civil Procedure Agency Fraud Pleading Requirements LIBOR Manipulation Strike Out Applications Illegality in Contracts

Case Brief

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Parties

Laszlo Fried & Ors

Appellants/defendants

Ulster Bank Ireland Ltd & Ors

Respondents/plaintiffs

Procedural Posture

Civil Appeal / Appeal From High Court Judgment Striking Out Defence Paragraphs as Frivolous and Vexatious

Legal Issues

  1. 1 Whether the defence paragraphs (Laszlo Fried LIBOR Claim) should be struck out as frivolous, vexatious, and bound to fail
  2. 2 Whether Ulster Bank acted as agent for RBS or vice versa in relation to the loan facilities
  3. 3 Whether the alleged manipulation of LIBOR by RBS tainted the loan contracts with Ulster Bank

Ratio Decidendi

The Court of Appeal held that the paragraphs of the defence (Laszlo Fried LIBOR Claim) were unsustainable, speculative, unsupported by credible evidence, and bound to fail. No agency relationship between Ulster Bank and RBS was established, fraud was not properly pleaded, and the alleged LIBOR manipulation by RBS did not taint the contracts with Ulster Bank. The High Court was correct to strike out the relevant paragraphs.

Court Disposition

Appeal dismissed

Orders

  • Paragraphs 23-38 of the defence (Laszlo Fried LIBOR Claim) struck out as frivolous, vexatious, and bound to fail
  • No order disturbing the High Court's orders