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06 August 2009 / Amanda Howe , Nick Marsh
Issue: 7381 / Categories: Features , EU , Commercial
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Cross-border litigation

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Complexity & market turmoil could fuel an increase in jurisdiction battles, say Nick Marsh
& Amanda Howe

The Court of Appeal judgment in UBS AG and UBS Securities LLC v HSH Nordbank AG  [2009] All ER (D) 190 (Jun) concerned a dispute between two banks over alleged mis-selling and mismanagement of collateralised debt obligations (CDOs).

The transaction was complex and there were several agreements documenting the overall deal which were governed by different laws and contained different terms as to jurisdiction.

The German commercial bank HSH Nordbank AG (HSH) entered into a credit default swap in March 2002 with the Swiss investment bank UBS AG and its US affiliate UBS Securities LLC (UBS).

HSH wished to invest in certain real estate related credit and asset backed securities which were viewed as outperforming corporate securities in the market at that time. As a result it invested in a multiple tranche synthetic CDO. 

There were numerous agreements detailing various aspects of the overall deal. Some of the agreements were governed by English law and

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MOVERS & SHAKERS

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Sponsored by
Arc Pensions Law—Matthew Swynnerton

Arc Pensions Law—Matthew Swynnerton

Chair of the Association of Pension Lawyers joins as partner

Ampa Group—Kamal Chauhan

Ampa Group—Kamal Chauhan

Group names Shakespeare Martineau partner head of Sheffield office

Blake Morgan—four promotions

Blake Morgan—four promotions

Four legal directors promoted to partner across UK offices

NEWS
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NLJ this week: Prenups meet a jurisdictional brick wall
A wealthy Russian divorce battle has produced a sharp warning about trying to challenge foreign nuptial agreements in the wrong English court. Writing in NLJ this week, Vanessa Friend and Robert Jackson of Hodge Jones & Allen examine Timokhin v Timokhina, where the High Court enforced Russian judgments arising from a prenuptial agreement despite arguments based on the landmark Radmacher decision
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An obscure Victorian tort may be heading for an unexpected revival after a significant Privy Council ruling that could reshape liability for dangerous escapes, according to Richard Buckley, barrister and emeritus professor of law at the University of Reading
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