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Do BNP v Trattamento and Fine Care v Natwest show the courts retreating from the principles established in First Tower Trustees?
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Key points
- Following the decision of the Court of Appeal in Springwell parties to commercial contracts involving the sale of complex financial products increasingly relied on entire agreement clauses no-duty clauses and non-reliance clauses to attempt to avoid claims based on statements made outside of the written contract.
- First Tower Trustees cast a spotlight on the statutory controls of unfair terms in the context of document-based defences and established that a clause may amount to an effective contractual estoppel but may still be subject to statutory controls under s 3 Misrepresentation Act 1967.
- In two recent decisions considering First Tower Trustees BNP Paribas SA v Trattamento Rifuti Metropolitani SpA [2020] EWHC 2436 (Comm) and Fine Care Homes Limited v National Westminster Bank Plc [2020] EWHC 3233 (Ch) the court has on the facts in each case rejected arguments that non-reliance...
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