*Metlife Seguros De Retiro S.A. v JP Morgan Chase Bank, National Association

Contract – Breach of contract. The claimant brought a claim for sums allegedly due to it by JP Morgan, pursuant to structured USD and CER-linked Notes, for which the claimant had subscribed. The claimant contended that there had been a 'CER Event' within the meaning of the final terms, such as to oblige the calculation agent under the Notes to re-determine the CER. The Commercial Court, dismissing the claim, held that the relevant provisions were intended to guard against the CER's unavailability for any reason, including actions taken by the Government in preventing, restricting or limiting its calculation or announcement, not to guard against the unprecedented and unanticipated event of fabrication or distortion of the calculations of the consumer price index. The calculation agent's role was not to carry out a fresh determination of the CER and to do so was outside of its responsibility.

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