Barclays Bank Plc v (1) Svizera Holdings BV and (2) Maneesh Pharmaceuticals Ltd [2014] EWHC 1020 (Comm)
After a trial in the Commercial Court, Mr Justice Flaux gave judgment to Barclays on its claim for US$35m plus interest due under a Facility Agreement and dismissed the Defendants’ counterclaims. Barclays also recovered costs on an indemnity basis. The Defendants had alleged that Barclays had failed to put in place an Indian Rupee/US$ currency swap in circumstances where it had represented that it would do so and had promised to do so. This conduct was said to have constituted a misrepresentation, a breach of a duty to advise, a breach of a fiduciary duty and a breach of a collateral contract. The Judge dismissed each of the ways in which the Defendant had put its case and rejected the evidence of the Defendants’ key witness.
Daniel Toledano QC appeared for Barclays Bank Plc (instructed by Reed Smith LLP)
Approved Judgment available here