![[2025] EWHC 1368 (Comm)](https://backend.juristeca.com/files/emisores/logo_WAai98v.png){kind=logo}
A INTRODUCTION
A INTRODUCTION
These applications arise from anti-suit injunctions granted by Mr Justice Andrew Baker on 13 December 2024 (“the Interim ASIs”) to two companies in the JPMorgan group to restrain the Defendant (“VTB”) from pursuing proceedings in Russia against the applicants and certain other companies in the JPMorgan group:
In CL-2024-000671, the anti-suit injunction was granted on the application of JP Morgan Securities Plc and others (“JPMS plc”).
In CL-2024-000672, the anti-suit injunction was granted on the application of “JPMorgan Chase Bank, N.A., London Branch” and others.
At this hearing:
The Claimants ask for the Interim ASIs to be made final.
The other JPM entities, save for JP Morgan Bank International OOO CB (“JPM Russia”), seek final anti-suit relief in their own right.
Those claimants seeking anti-suit relief also seek anti-enforcement injunctions.
VTB seeks to set aside the service of the claims, a declaration that the court does not have and/or should not exercise jurisdiction and the discharge of the Interim ASIs.
The hearing was very well argued on both sides, and raised some interesting issues.
- Heading
- A INTRODUCTION
- The parties
- The evidence
- The UMAA
- The Client Agreement
- The ISDA Master Agreement
- The Terms
- The Correspondent Bank Account
- C THE BACKGROUND
- Proceedings in the Russian courts
- D THE “WHOLLY CONTRACTUAL” ANTI-SUIT CLAIMS
- The UMAA and the Client Agreement
- The 2017 Terms
- Which of the JPM Entities are entitled to enforce the 2017 Terms Arbitration Agreement?
- What is the effect of the contractual hierarchy provisions on the status of the 2017 Terms Arbitration Agreement in relation to the various claims brought by VTB?
- The ISDA Master Agreement
- E THE APPLICATION BY A CONTRACTING PARTY TO RESTRAIN CLAIMS AGAINST NON-CONTRACTING PARTIES AS A MATTER OF CONTRACT
- Contractual promises not to sue third parties
- Cases where a third party seeks to enforce a contractual right which is subject to an arbitration agreement
- The special status of arbitration agreements under English law
- The authorities
- The construction argument
- An implied term
- F THE APPLICATION TO RESTRAIN CLAIMS ON THE “VEXATIOUS AND OPPRESSIVE” BASIS
- The UMAA and Client Agreement Claims
- The ISDA Claim
- G SHOULD THE COURT REFUSE TO MAKE THE INJUNCTION IN THE EXERCISE OF ITS DISCRETION?
- H THE CLAIM FOR AN ANTI-ENFORCEMENT INJUNCTION
- I VTB’S CHALLENGE TO JURISDICTION
- Forum non conveniens
- Alternative service
- Conclusions