Duncan Matthews QC and Susannah Jones acted for the successful Claimant bank, Natixis S.A. awarded damages of over US$32 million by Mr Justice Simon Bryan in the recent Commercial Court case of Natixis S.A. (“Natixis”) v Marex Financial (“Marex”) and Access World Logistics (Singapore) Pte Ltd (“Access World”).
The judgment has important implications for commodity financing, for the use of warehouse receipts in “repo” transactions and for the contractual limitation of liability of warehouse owners.
Natixis’ claim was brought against Marex Financial, the leading ring dealer of the LME. Marex had supplied Natixis with forged warehouse receipts under contracts for the sale and conditional repurchase of nickel. In its Defence, Marex blamed the warehouse, Access World, and issued Part 20 claims against Access World and against Marex’s insurers.
The Judge found Marex liable to Natixis for the whole of its US$32 million claim. In turn, the Judge found that Access World had been negligent when it inspected some of the fake warehouse receipts, but that its liability was limited to €100,000 per receipt.
The Judgment is interesting for its analysis of:
Duncan Matthews QC and Susannah Jones were instructed by Edward Davis, Jonathan Spearing and Jeremy Livingston of Stephenson Harwood LLP.