Court of Appeal allows Sainsbury's appeal: Visa's and MasterCard's interchange fees infringe article 101(1) TFEU

July 04 2018

In a landmark judgment on private actions for damages for infringement of competition law, the Court of Appeal has clarified the law in this field, reconciling considerable differences in the approach taken to multilateral interchange fees in cases before the Competition Appeal Tribunal and Commercial Courts.   On the central question in issue, the Court allowed the appeals of Sainsbury’s...

Edgeworth Capital (Luxembourg) S.À.R.L. v Aabar Investments PJ

June 29 2018

Commercial Court dismisses claim by SPV associated with Robert Tchenguiz On 29 June 2018, following a three-week trial, the Commercial Court handed down its judgment in the high-profile proceedings between Edgeworth Capital (Luxembourg) S.à.r.l. v Aabar Investments PJS. Edgeworth is a Luxembourg SPV associated with the well-known businessman Robert Tchenguiz. Aabar is an Abu Dhabi investment...

Minera Las Bambas SA and others v Glencore Queensland Limited and others [2018] EWHC 1658 (Comm)

June 29 2018

On 29 June 2018, Mrs Justice Moulder handed down judgment on an SPA indemnity claim arising from the sale of a Peruvian mining company by Glencore to MMG. The case concerned the effect of tax assessments issued by the Peruvian tax authority to the mining company after the date of the SPA. The assessments asserted that the company had paid too little VAT, and had over-claimed for VAT credits. The SPA...

The Court of Appeal clarifies the scope of the rule against reflective loss

June 26 2018

On 26 June 2018, the Court of Appeal handed down in Carlos Sevilleja Garcia v Marex Financial Limited [2018] EWCA Civ 1468 an important decision on the rule against reflective loss. The rule against reflective loss originated in Prudential Assurance v Newman Industries (No 2) [1982] 1 Ch 204 to prevent claims by shareholders seeking to pursue causes of action which are not theirs but the company’s....