The Libyan Investment Authority v J.P. Morgan Markets Ltd & Ors

Ogier’s Cayman dispute resolution team, supporting the English counsel team led by Ian Gatt QC and James Price of Stewarts in London and Michael Holmes of 7KBW, has advised the Cayman Islands company Lands Company Limited (“Lands”) on its successful jurisdiction challenge in the English Commercial Court over a US$200 million claim brought against Lands (and other defendants, including J.P. Morgan Markets Limited) by the Libyan Investment Authority (“LIA”). This relates to a $200 million derivative transaction entered into by the LIA in November 2007. The LIA had commenced court proceedings in order to set this transaction aside.

Last week’s Commercial Court judgment by Mr Justice Simon Bryan follows a three-day hearing, and found in favour of Lands and the other defendants. This means that the UK courts do not have jurisdiction over the dispute between Lands and the LIA.

Ogier advised the Cayman Islands company Lands Company Limited with a team including Rachael Reynolds (Picture), Shaun Maloney, Rebecca Findlay and David Freeman.

Involved fees earner: Rebecca Findlay – Ogier LLP; Shaun Maloney – Ogier LLP; Rachael Reynolds – Ogier LLP;

Law Firms: Ogier LLP;

Clients: Cayman Islands company Lands Company Limited;

Author: Ambrogio Visconti.