ARTICLE
4 September 2025

High Court Finds English Court Has Exclusive Jurisdiction In ISDA Swaps Case

KL
Herbert Smith Freehills Kramer LLP

Contributor

Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be. Our footprint is extensive and committed across the world’s largest markets, key financial centres and major growth hubs. At our best tackling complexity and navigating change, we work alongside you on demanding litigation, exacting regulatory work and complex public and private market transactions. We are recognised as leading in these areas. We are immersed in the sectors and challenges that impact you. We are recognised as standing apart in energy, infrastructure and resources. And we’re focused on areas of growth that affect every business across the world.
In a recent decision, the High Court has granted summary judgment in favour of a French bank seeking declarations.
United Kingdom Litigation, Mediation & Arbitration
Ceri Morgan’s articles from Herbert Smith Freehills Kramer LLP are most popular:
  • within Litigation and Mediation & Arbitration topic(s)
  • in United States
Herbert Smith Freehills Kramer LLP are most popular:
  • within Litigation, Mediation & Arbitration, Environment and Coronavirus (COVID-19) topic(s)
  • with Inhouse Counsel

In a recent decision, the High Court has granted summary judgment in favour of a French bank seeking declarations that: (i) the English courts had exclusive jurisdiction under the jurisdiction clause contained in the 1992 ISDA Master Agreement (which applied to the transactions in dispute); and (ii) proceedings commenced in Italy by an Italian municipal authority were therefore commenced in breach of that clause:Dexia S.A. v Comune di Torino[2025] EWHC 1903 (Comm).

This decision is one of a number of judgments in recent years relating to swaps entered into by Italian public authorities. The English court has once again taken a robust approach to interpreting a jurisdiction clause, confirming its appreciation of the importance of market certainty and predictability in the interpretation of standard form ISDA documentation.

For more information see this post on our Banking Litigation Notes blog.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More