Second set of proceedings about a secured loan given to the claimants by the defendant bank. The bank, had discovered an external back to back swap (i.e. with an external counterparty), and asserted that it would be entitled to add the costs of unwinding that swap to the redemption charges. The claimants now said that the bank could no longer make that claim because it is res judicata (as they describe the point) in the sense that it ought to have been raised and dealt with in the first proceedings but was not.
Held: Following the first set of proceedings between the same parties over the same subject matter (a secured loan given to the claimants by the defendant bank), the defendant bank was not entitled to rely on an ‘external swap’ in a second set of proceedings, because to advance such a claim would have been an abuse of process within Johnson v Gore Wood.
Mann J underlined, the point made by Lord Bingham in Johnson v Gore Wood regarding the general applicability of the doctrine of abuse of process to both sides in litigation. After citing Lord Bingham’s speech, Mann J explained that: ‘I have emphasised words which make it plain that the doctrine of abuse involved is capable of applying to defendants and defences as it applies to claimants and claims, though it may be less often invoked against a defendant.’
Mann J
[2017] EWHC 834 (Ch)
Bailii
England and Wales
Citing:
See Also – Barnett Waddington Trustees (1980) Ltd and Another v The Royal Bank of Scotland Plc ChD 14-Aug-2015
Part 8 claim raising a point of construction arising out of a loan agreement.
Held: The unwinding costs of the swap transaction then before him (which was an internal bank swap) could not be added to the redemption cost. . .
Cited by:
Cited – Spicer v The Commissioner of Police of The Metropolis QBD 6-Jul-2020
The claimant alleged defamation. He had been acquitted of a criminal offence and said that material published by the defendant continued to imply or assert his guilt of the offence. The defendant argued truth. The claimant now sought a strike out of . .
Lists of cited by and citing cases may be incomplete.
Updated: 12 October 2021; Ref: scu.581970 br>