febrero 20 2024

UK Court of Appeal overturns judgment in latest Italian swaps decision concerning corporate capacity


In December 2023, the England & Wales Court of Appeal unanimously overturned the high-profile ruling handed down by the Commercial Court in October 2022 in the case of Banca Intesa Sanpaolo and Dexia v Comune di Venezia1. In its judgment, the Court of Appeal reversed the Commercial Court's finding that English law governed swaps under the 1992 ISDA Master Agreement entered into shortly before the financial crisis of 2007-2008 were void for lack of capacity, and instead found that the swaps were valid and binding in accordance with their terms.

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