Examples of Court of Appeal in a sentence
While the High Court regarded the Cattolica judgment in 2020 as the starting-point, the Court of Appeal found that time ran once it became apparent that Italian local authorities had worthwhile grounds to make a claim contesting the validity of swap agreements: for example, in the Prato claim referred to above, proceedings had been commenced in 2010.
Following an appeal by the Banks against the High Court judgment, the Court of Appeal held as follows: • Foreign law matters: The task for English courts toward disputed matters of foreign law was to ascertain what the highest court in the foreign legal system would have decided if the point had come before it, as directed in Dexia Crediop S.p.A. v Comune xx Xxxxx (another swap case previously heard by the Court of Appeal)4.
By reason of the above, there was no conflict with Italian law, in the view of the Court of Appeal, that would lead to a conclusion that the City of Venice lacked capacity to enter into the swaps.
The Court of Appeal upheld the finding by the High Court that, in principle, if Venice had a claim for restitution, the Banks had a defence under the doctrine of change of position, meaning that they could argue against restitution where their circumstances had changed detrimentally: for example, as a result of any payments under back-to-back swaps.