Case information
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35549
Barclays Bank PLC v. Metcalfe & Mansfield Alternative Investments VII Corp., in its capacity as trustee of Devonshire Trust, et al.
(Ontario) (Civil) (By Leave)
Docket
Judgments on applications for leave to appeal are rendered by the Court, but are not necessarily unanimous.
| Date | Proceeding | Filed By (if applicable) |
|---|---|---|
| 2014-01-17 | Close file on Leave | |
| 2014-01-17 | Copy of formal judgment sent to Registrar of the Court of Appeal and all parties | |
| 2014-01-17 | Judgment on leave sent to the parties | |
| 2014-01-16 |
Judgment of the Court on the application for leave to appeal, The application for leave to appeal from the judgment of the Court of Appeal for Ontario, Number C54400, 2013 ONCA 494, dated July 26, 2013, is dismissed with costs to the respondent Metcalfe & Mansfield Alternative Investments VII Corp., in its capacity as Trustee of Devonshire Trust. Dismissed, with costs |
|
| 2013-12-10 | Correspondence received from, Yael Wexler re: change of agent | Metcalfe & Mansfield Alternative Investments VII Corp., in its capacity as trustee of Devonshire Trust |
| 2013-12-09 | All materials on application for leave submitted to the Judges, Abe Ro Mo | |
| 2013-11-07 | Applicant's reply to respondent's argument, (Book Form), Completed on: 2013-11-08 | Barclays Bank PLC |
| 2013-10-28 | Respondent's response on the application for leave to appeal, (Book Form), Completed on: 2013-10-28 | Metcalfe & Mansfield Alternative Investments VII Corp., in its capacity as trustee of Devonshire Trust |
| 2013-10-17 | Respondent's response on the application for leave to appeal, (Letter Form), Completed on: 2013-10-17 | Bank of New York, as Custodian and CIBC Mellon Trust Company, in its capacity as Indenture Trustee |
| 2013-10-16 | Correspondence received from, Return of the CA order form | Barclays Bank PLC |
| 2013-10-01 | Correspondence received from, Nicholas McHaffie re: Form 15C | Barclays Bank PLC |
| 2013-09-30 | Letter acknowledging receipt of a complete application for leave to appeal but without formal Court of Appeal order | |
| 2013-09-27 | Book of authorities, (Book Form) | Barclays Bank PLC |
| 2013-09-27 | Application for leave to appeal, (Book Form), 2 Volumes. Final CA order missing, draft included in application (rec'd 2013-12-03), Completed on: 2013-09-27 | Barclays Bank PLC |
Parties
Please note that in the case of closed files, the “Status” column reflects the status of the parties at the time of the proceedings. For more information about the proceedings and about the dates when the file was open, please consult the docket of the case in question.
Main parties
| Name | Role | Status |
|---|---|---|
| Barclays Bank PLC | Applicant | Active |
v.
| Name | Role | Status |
|---|---|---|
| Metcalfe & Mansfield Alternative Investments VII Corp., in its capacity as trustee of Devonshire Trust | Respondent | Active |
| Bank of New York, as Custodian and CIBC Mellon Trust Company, in its capacity as Indenture Trustee | Respondent | Active |
Counsel
Party: Barclays Bank PLC
Counsel
5300 Commerce Court West
199 Bay Street
Toronto, Ontario
M5L 1B9
Telephone: (416) 869-5613
FAX: (416) 947-0866
Email: phoward@stikeman.com
Agent
1600 - 50 O'Connor Street
Ottawa, Ontario
K1P 6L2
Telephone: (613) 566-0546
FAX: (613) 230-8877
Email: nmchaffie@stikeman.com
Party: Metcalfe & Mansfield Alternative Investments VII Corp., in its capacity as trustee of Devonshire Trust
Counsel
Suite 2600
130 Adelaide Street West
Toronto, Ontario
M5H 3P5
Telephone: (416) 865-3096
FAX: (416) 865-9010
Email: tcurry@litigate.com
Agent
55 Metcalfe Street, Suite 1300
Ottawa, Ontario
K1P 6L5
Telephone: (613) 696-6860
FAX: (613) 230-6423
Email: ywexler@fasken.com
Party: Bank of New York, as Custodian and CIBC Mellon Trust Company, in its capacity as Indenture Trustee
Counsel
3400 One First Canadian Place
P.O. Box 130
Toronto, Ontario
M5X 1A4
Telephone: (416) 777-5480
FAX: (416) 863-1716
Email: leonj@bennettjones.com
Summary
Keywords
None.
Summary
Case summaries are prepared by the Office of the Registrar of the Supreme Court of Canada (Law Branch). Please note that summaries are not provided to the Judges of the Court. They are placed on the Court file and website for information purposes only.
Contracts – Commercial contracts – Interpretation – Termination – Whether a general duty of good faith in the common law of contracts can override the express agreement of the parties with respect to their rights and remedies – Whether the “own wrong” doctrine can be applied to the common law of contracts to alter the express agreement of the parties as to their contractual rights and remedies – Whether the determination of “Loss” under the 1992 ISDA Master Agreement should be conducted in Canada in a manner inconsistent with its global interpretation.
This case arises from a complex 2006 transaction involving asset-backed commercial paper (“ABCP”) based on two credit default swaps (“CDSs”) and from the events in 2007 and 2008 surrounding the liquidity crisis in the ABCP market. The applicant Barclays Bank PLC (“Barclays”) was the asset and liquidity provider to the Devonshire Trust (“Devonshire”), which issued the ABCP at issue in the transaction. Devonshire entered into the two CDSs or “swaps” with Barclays in August 2006. The swaps were structured and sold in one transaction. The term of the two swaps was ten years. The transaction was governed by several agreements.
The Barclays-Devonshire transaction was caught up in wider problems with the ABCP market when the third-party ABCP market froze in August 2007. Attempts to restructure Devonshire were carried on but efforts to salvage the situation ultimately failed. The circumstances surrounding the termination of the arrangement led to litigation to determine which party was entitled to terminate the arrangement and on what terms.
Lower court rulings
Ontario Superior Court of Justice
CV-09-0370103, 2011 ONSC 5008
Action by applicant dismissed and counterclaim by respondent Metcalfe & Mansfield Alternative Investments VII Corp., in its capacity as Trustee of Devonshire Trust, granted
Court of Appeal for Ontario
C54400, 2013 ONCA 494
Appeal dismissed
Filed documents
The memorandums of argument on an application for leave to appeal will be posted here 30 days after leave to appeal has been granted unless they contain personal information, information that is subject to a publication ban, or any other information that is not part of the public record. You may also obtain copies of the memorandum by filling out the Request for Court records form or by contacting the Court’s Records Centre either by email at records-dossiers@scc-csc.ca or by telephone at 613‑996‑7933 or at 1‑888‑551‑1185.
If you have questions about a memorandum of argument or want to use a memorandum of argument, please contact the author of the memorandum of argument directly. Their name appears at the end of the memorandum of argument. The contact information for counsel is found in the “Counsel” tab of this page.
Downloadable PDFs
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Related links
The factums of the appellant, the respondent and the intervener will be posted here at least 2 weeks before the hearing unless they contain personal information, information that is subject to a publication ban, or any other information that is not part of the public record. You may also obtain copies of factums by filling out the Request for Court records form or by contacting the Court’s Records Centre either by email at records-dossiers@scc-csc.ca or by telephone at 613‑996‑7933 or at 1‑888‑551‑1185.
If you have questions about a factum or want permission to use a factum, please contact the author of the factum directly. Their contact information appears on the first page of each factum.
Downloadable PDFs
Not available
Related links
The condensed books of the appellant, the respondent and the intervener will be posted here upon receipt of the electronic version, 2 days prior to the scheduled appeal hearing. You may also obtain copies of condensed books by filling out the Request for Court records form or by contacting the Court’s Records Centre either by email at records-dossiers@scc-csc.ca or by telephone at 613‑996‑7933 or at 1‑888‑551‑1185.
If you have questions about a condensed book or want permission to use a condensed book, please contact the author of the condensed book directly. Their contact information appears on the first page of each condensed book.
Downloadable PDFs
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