JP Morgan Chase Bank, NA and another v Berliner Verkehersbetriebe (BVG) Anstalt Des Offentlichen Rechts, [2009] EWHC 1627 (Comm), [2009] All ER (D) 88 (Jul)
Queen’s Bench Division, Commercial Court, Teare J, 9 July 2009
When considering jurisdiction under Art 22 of Council Regulation (EC) 44/2001 (the Brussels Regulation), the court is involved in an exercise of overall classification and the litigation has to be viewed overall and an overall judgment has to be formed whilst taking into account the underlying rationale of Art 22(2).
Laurence Rabinowitz QC and Richard Handyside QC (instructed by Linklaters LLP) for the claimants. Tim Lord QC, Simon Salzedo and Sarah Abram (instructed by Addleshaw Goddard LLP) for the defendant.
The first claimant, JPM, a global provider of banking and financial services, entered into an independent collateral enhancement transaction (the transaction) dated 19 July 2007 with the defendant, a public law institution established under German law. The transaction was intended to provide protection to the defendant against the risks inherent in cross-border leasing arrangements into which it had entered. Part of the transaction was the ‘JPM swap’, pursuant to
