Metlife Seguros De Retiro SA v JP Morgan Chase Bank

Contract – Breach. The Court of Appeal, Civil Division, dismissed a claim by the appellant for sums allegedly due to it by the respondent bank, pursuant to structured USD and CER-linked notes, for which the claimant had subscribed under a contract. In dismissing the appeal, the court found that the bank's construction of the contract was to be preferred. The respondent's construction reflected the contractual wording used; was consistent, workable, fitted the scheme of the contract, made commercial sense and reflected a plausible case on commercial purpose.

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