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Neutral Citation Number: [2025] EWHC 1368 (Comm)
Claim Nos: CL-2024-000671
CL-2024-000672
IN THE HIGH COURT OF JUSTICE
BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES
KING’S BENCH DIVISION
COMMERCIAL COURT
Royal Courts of Justice
Strand, London, WC2A 2LL
Date: 05/06/2025
Before :
MR JUSTICE FOXTON
Between :
JP MORGAN SECURITIES PLC & ORS JPMORGAN CHASE BANK, N.A., LONDON BRANCH & ORS | Claimants / Respondents |
- and - | |
VTB BANK PJSC | Defendant / Applicant |
Louise Hutton KC and Akash Sonecha (instructed by Linklaters LLP) for the Claimants/Respondents
Justin Fenwick KC and Anthony Jones (instructed by PCB Byrne LLP) for the Defendant
Hearing dates: 13 May 2025
Draft to the parties: 21 May 2025
Approved Judgment
Rev 1
This judgment was handed down remotely at 10.00am on 05 June 2025 by circulation to the parties or their representatives by e-mail and by release to the National Archives.
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Mr Justice Foxton:
- 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