Banking

Niru Battery Manufacturing Co v Milestone Trading Ltd [2002] EWHC 1425 (Comm), Queen’s Bench Division, Commercial Court, Mr Justice Moore-Bick, 11 July 2002

Shipping – Contract for resale of lead – Lead held in warehouse subject to presentation of bank warrants – Sub-buyer obtained possession of lead to be resold by presenting fraudulent bills of lading to warehouse – Lead not delivered to sub-buyer – Whether claimants able to sue in respect of fraud – Contribution between defendants – Restitution of sums paid by sub-buyer’s bank under letter of credit