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Italian law is no way out of swap liability for Prato

On the 20 Essex Street Jurisdiction and Conflict of Laws blog Josephine Davies reviews the Court of Appeal’s recent decision in Dexia Crediop SpA v Comune di Prato [2017] EWCA Civ 428 (15 June 2017) which comes as a blow for litigants who hope that foreign law will allow them to escape from liability under English law contracts. This case arose from a claim by Dexia (the Bank) for some EUR 6.5 million due under an interest rate swap. The contract was subject to English law and jurisdiction.

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