Deutsche fights in Texas

Author: | Published: 1 Oct 2009

Industry standard form and master agreements have been around in the banking world for many years. What has changed in more recent times is the scale and complexity of the transactions. Now the boom is over, and as positions are unwound, losses incurred and disputes arise, provisions of these standard agreements that have been used without incident for years are coming under sustained legal scrutiny, many of them for the first time.

One such example is the jurisdiction clause (perhaps inevitably in such an international industry) where a recent case in the English courts provides a timely reminder of the potential pitfalls of relying on the default position in an industry standard agreement.

The case The case in question is Highland Crusader Offshore Partners and others v Deutsche Bank AG and Deutsche Bank Securities, where the English Court of Appeal considered in 2009 an application by Deutsche for an anti-suit injunction...



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