*Lehman Brothers Finance AG (in liquidation) v Klaus Tschira Stiftung GmbH and another company

Conflict of laws – Stay of proceedings. Following a dispute arising from an International Swaps and Derivatives Association Master Agreement, the defendants submitted requests for conciliation to the conciliation authority in Zurich and the claimant issued proceedings in England. The defendants sought a stay of the English proceedings. However, their Swiss proceedings were subsequently dismissed. The Chancery Division held that the initiating of conciliation proceedings by the lodging of a written request for conciliation fell within art 30 of the Lugano Convention. Were it not for the fact that the Swiss proceedings had been dismissed, a stay of the English proceedings would have been granted.

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