Court of Appeal unanimously allow appeal in jurisdictional dispute involving the Bank of Portugal

Published: 10/11/2016

Lord Justice Moore-Bick, Lord Justice Sales and Lady Justice Gloster unanimously agreed, in their judgement handed down on 4 November 2016, that the Portuguese bridge bank Novo Banco had the better of the argument that when the Claimants issued proceedings in the English Court, Novo Banco was not a party to the Oak Facility Agreement.

Accordingly, the appropriate forum in which to challenge the various decisions of The Bank of Portugal in relation to the Oak Facility Agreement is the Portuguese Administrative Court. The Court of Appeal ruling illustrates the Court’s reluctance to undermine the scheme of universal recognition of measures taken by home Member States when dealing with their failing financial institutions.

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