Happy New Year and welcome back to Commodities in Focus Weekly. In our first issue for 2023, we highlight the Court of Appeal ("CA") judgment handed down on 21 December 2022 of ED&F Man Capital Markets Ltd v Come Harvest Holdings Ltd & Ors1.
This judgment tells the story of Straits (Singapore) Pte Ltd ("Straits") and others who defrauded ED&F Man Capital Markets Ltd ("MCM") by issuing forged warehouse receipts to MCM in 2016 who, in turn, unknowingly used the receipts to trade nickel. The CA judgment considered whether a settlement agreement in the context of this case should be ignored (on the res inter alia acta or "none of your business" principle) or how, if at all, it and any benefits from it should be taken into account in assessing damages. The decision of the CA has important ramifications.
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1 [2022] EWCA Civ 1704.