Banco Santander Totta, SA v Companhia Carris de Ferro de Lisboa, SA and others

Contract – Breach of contract. The Commercial Court made findings, overall in the claimant Portuguese bank's favour, in its claim for declarations that the defendant Portuguese transport companies' obligations under long-term interest rate swaps constituted legal, valid and binding obligations, enforceable in accordance with their respective terms. It rejected the defendants' defences that they lacked capacity to enter into the swaps, that art 3(3) of the Convention on the Law Applicable to Contractual Obligations 1980 applied and that the bank had acted in breach of its duties under the Portuguese Securities Code.

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