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This section of the site aims to be a comprehensive resource for derivatives case law, both fundamental and more recent. Cases are summarised as briefly as possible, and where appropriate, are put into a commercial context. This case-library will be continuously updated as important cases occur.

Metavante v Lehman Brothers (2009) – USA turns precedent from Down Under upside down

Law Debenture Trust v Ukraine (2023) – Strategic Ukrainian victory in the Supreme Court

Fenchurch v AA (2023) – Contractual arrangement annulled through lack of consummation

Barton v Morris (2023) – No finders keepers with this finder’s fee

S&H Holdings v Blacks (2023) – Nobody expects this Service Charge inquisition

Hedley Byrne v Heller (1963) – Taking responsibility for the consequences of one’s own ̶a̶c̶t̶i̶o̶n̶s̶ advice

Lehman v ExxonMobil (2016) – Office hours and wrong numbers in the dying days of Lehman Brothers

Dexia v Comune di Prato (2017) – When in Rome, do as the Court of Appeal says

Videocon v Goldman Sachs (2016) – Final payment under the ISDA: pay now, the details are in the mail

Marine Trade v Pioneer (2009) – Payment under protest is no mistake

Lomas v Firth Rixson (2012) – Section 2(a)(iii) provisions clarified as…the opposite of NY law

Lehman v National Power Corporation (2018) – No second bite of this calculation cherry

Kleinwort Benson v Birmingham (1996) – A counterparty’s good hedging is not a defence against paying them

Hadley v Baxendale (1854) – When the loss is not just ‘run of the mill’

Dunlop v Selfridge (1915) – Deflating third party claims

CFH Clearing v Merrill Lynch (2020) – The ISDA Master Agreement takes precedence over ‘market practice’

Brooke Homes v Portfolio (2021) – How reasonable is your reasonableness?

Sibner v Jarvis (2022) – The limits of good faith (when your counterparty can absolutely do what they want)

Enron v TXU (2003) ‘Obligated to terminate? – To be or not to be under Section 2 (a)(iii)’

Lehman v Assured Guaranty (2023) – Lehman takes a loss over calculating Loss

Attorney General v Blake (2000) – The Spy Who Owed Me

Haugesund v DEPFA (2010) – From Hammersmith to Haugesund, local authority swaps are still ultra vires

African Export-Import Bank v Shebah (2017) – “That’s SO Unfair!!” Standard Terms and the Unfair Contract Terms Act

Wight v Millvalley (2016) – Faulty Confirmation fixed by the Court

Crestsign v Natwest (2015) – Confidential settlement denies mis-selling clarification opportunity

Re Lehman Brothers International Europe (2012) – More Lessons from Lehman: Avoiding Bear Traps When Taking Security

Wood v Commercial First Business (2021) – Court shines a light on secret commissions

Westdeutsche v Islington (1996) – Trust issues in deciding repayment after an ultra vires ruling

Shanghai Shipyard v Reignwood (2021) – Court of Appeal cuts adrift attempt to avoid guaranteed payment

SFM v Christ the King College (2021) – A lesson in the counter-restitution principle

MUR v RTI (2022) – The rocky shores of force majeure clauses and non-contractual performance

Morgan Grenfell v Welwyn Hatfield (1995) – No throw of the dice on swaps as wagering contracts

MonSolar v Woden Park (2021) – Casting sunlight on absurd formulae

Credit Suisse v Stichting Vestia (2014) – Conflicts over capacity reach Rotterdam

Wood v Capita (2017) – Reading between the lines (or not) when interpreting commercial contracts

Braganza v BP Shipping (2015) – Wednesbury unreasonableness finds a berth in employment contracts

Arnold v Britton (2015) – A holiday from hell in the land of contractual interpretation

LBHI v LBIE (2017) – Friendly fire over the insolvency waterfall

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First Tower Trustees v CDS (2018) – Limited liability in asbestos misrepresentation case fails the sniff test

Re Lehman Brothers International Europe (2012) – Maybe Lehman can be trusted with client money after all

Lehman v Firth Rixson (2022) – Lehman is back, and it can collect on its debts

Hazell v Hammersmith & Fulham (1992) – Landmark case that found local authority swaps to be ultra vires

ABC Electrification v Network Rail (2020) – Contractual “default” – it means what it says on the tin

Property Alliance v RBS (2018) – Court of Appeal locks down LIBOR claim

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