Wan & ors (claimants/respondents) v UBS AG (London Branch) (defendant/appellant)
Wednesday 8 February 2023
Wan & ors (claimants/respondents) v UBS AG (London Branch) (defendant/appellant)
By Appellant’s Notice filed on 18 March 2022, the Defendant/Appellant appeals, with permission, the Order of Mrs Justice Cockerill dated 9 February 2022.
Background – The First and Second Claimants have brought claims against the Defendant (“UBS London”, “UBS”) based upon the consequences of what are said to be negligent misstatements and advice provided by UBS (“the Claims”). It is their case that the misstatements and advice given led them to make an investment that was almost completely lost when (contrary to such statements and advice) UBS London exercised security over shares held by it in London as mortgagee. UBS London challenged the jurisdiction of the Court in relation to the claims made by the First and Second Claimants. No jurisdictional issue arises in relation to claims made by the Third Claimant (“Dawn State” and the “Dawn State Claims”) because UBS London accepts that these fall within the jurisdiction clauses contained within certain contracts entered into between them.
The issue before Cockerill J was whether the Court had special jurisdiction under Article 5(3) and/or Article 5(5) of the Convention on Jurisdiction and the Recognition and Enforcement of Judgments in Civil and Commercial Matters signed at Lugano II on 30 October 2007 (“the Lugano Convention”). The Defendant’s position is that, under Article 2 of the Lugano Convention, it must be sued in the courts of Switzerland, its place of domicile.
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