James MacDonald KC acted for Investec Bank in the Commercial Court in successfully resisting applications by two HNW Swiss businessmen who sought to stay proceedings on forum non conveniens grounds. The Defendants argued that Switzerland was the more appropriate forum, despite having agreed to asymmetric English jurisdiction clauses in favour of the Bank.
Sitting as a Deputy Judge of the High Court, Peter MacDonald Eggers KC held that he had “no hesitation” in dismissing the applications, confirming that the English Court would exercise jurisdiction and that the Defendants had not advanced strong reasons for a stay. Of particular note, the Judge held that the Defendants were contractually estopped from contending that Switzerland was the appropriate jurisdiction. This represents an important development in the law of jurisdiction agreements, reinforcing the binding nature of asymmetric clauses and limiting the scope for defendants to invoke forum non conveniens arguments where they have agreed to submit to the English Courts. The case highlights the growing importance of contractual estoppel in financial litigation, with the Court recognising its role as a distinct bar to forum challenges.
James MacDonald KC appeared for the successful claimant, instructed by Sidley Austin LLP.