The Plaintiffs’ claims arise out of a dispute between the parties which followed the collapse of certain companies trading in the London insurance market in the early 1990s. Ludgate, in short, contends that Citibank is wrongly retaining too much by way of collateral deposits in support of Letters of Credit it has issued and that it has also wrongly debited interest charges to its account.
Brooke, Mummery LJJ, Sir Patrick Russell
[1998] EWHC 1144 (Comm), [1998] Lloyds Rep IR 221
Bailii
Banking
Updated: 18 January 2022; Ref: scu.565841