13 October 2017
Secure Capital SA v Credit Suisse AG [2017] EWCA Civ 1486, [2017] All ER (D) 54 (Oct)
The trial judge had been correct in granting summary judgment to the respondent in respect of the appellant’s claim for damages for breach of contract against the respondent in respect of alleged misleading information regarding the appellant’s interest in the notes. The Court of Appeal Civil Division held that both general principles of English law and the express provisions governing the Notes left no room for anyone other than Bank of New York Mellon, as common depositary to have directly enforceable contractual rights against the respondent unless there was default in the payment of principal (which had not occurred).
