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Bank

07 July 2017
Issue: 7753 / Categories: Case law , Law digest , In Court
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Deutsche Bank AG, London Branch v CIMB Bank Berhad [2017] EWHC 1264 (Comm), [2017] All ER (D) 171 (May) 

The Commercial Court ruled on a dispute between the claimant bank (Deutsche —the confirming bank), and the defendant bank (CIMB—the issuing bank), concerning Deutsche’s claim for reimbursement of sums it had allegedly paid to a company (as beneficiary), under letters of credit issued by CIMB. Deutsche had argued that the issuing bank, under a letter of credit, had to accept, on its face, a statement by the confirming bank that it had paid the beneficiary under letters of credit, and that CIMB had no right to request further information in respect of that payment. The court held that, on the true construction of Art 7(c) of the Uniform Customs & Practice for Documentary Credits (UCP 600), read with the definition of ‘honour’ in Art 2 of UCP 600, an issuing bank’s undertaking to reimburse a confirming bank arose where the confirming bank had honoured a complying presentation by making payment under the credit. It further held that, in circumstances

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NEWS
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
Charles Pigott of Mills & Reeve reports on Haynes v Thomson, the first judicial application of the Supreme Court’s For Women Scotland ruling in a discrimination claim, in this week's NLJ
Charlie Mercer and Astrid Gillam of Stewarts crunch the numbers on civil fraud claims in the English courts, in this week's NLJ. New data shows civil fraud claims rising steadily since 2014, with the King’s Bench Division overtaking the Commercial Court as the forum of choice for lower-value disputes
Artificial intelligence may be revolutionising the law, but its misuse could wreck cases and careers, warns Clare Arthurs of Penningtons Manches Cooper in this week's NLJ
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
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