Description
A dispute arose in respect of an ISDA swap arrangement entered in to between the parties with an exclusive English law and forum jurisdiction clause. The swap agreement had gone against the Defendant. The Defendant had brought proceedings in China against the Morgan Stanley affiliate as well as the Claimant in respect of advice given as to the swap agreements. Issues arose as to whether the exclusive jurisdiction clause in the ISDA Master Agreement (2002 form) required claims against non-parties to the agreement to be brought in England. The Court concluded that it could not be so construed and declined to grant an anti-suit injunction against the Defendant other than in respect of the claims against the Claimant. The result was that there would be separate proceedings in separate jurisdictions with the risks of inconsistent decisions.
