Weekly law digests

Arbitration

Jiangsu Shagang Group Co Ltd v Loki Owning Company Ltd [2018] EWHC 330 (Comm) [2018] All ER (D) 23 (Mar)

The appeal of the claimant company (JSG) against a preliminary finding of arbitrators in a shipping dispute succeeded. The arbitrators had found that there had been a valid arbitration agreement between the defendant owner and JSG. The Commercial Court held that the owner had not established that a guarantee by which JSG would guarantee the obligations of a third party had been properly authorised by JSG. Accordingly, there had been no valid arbitration agreement between the parties, and the arbitrators had lacked jurisdiction.

Contract

Lehman Brothers Special Financing Inc v National Power Corporation and another [2018] EWHC 487 (Comm) [2018] All ER (D) 85 (Mar)

The Financial List construed the close-out provisions in the 2002 version of the International Swaps and Derivatives Association (ISDA) Master Agreement in the course of proceedings brought by Lehman Brothers Special Financing Inc (LBSF) concerning the calculation of the close-out amount due following the collapse of Lehman Brothers,