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Discretion to stay - exclusive jurisdiction clauses and foreign proceedings

21 November 2013. Published by Christopher Whitehouse, Senior Associate

In Nomura International Plc v Banca Monte Dei Paschi Di Siena SpA [2013] EWHC 3187 (Comm), ...

... the court's discretion to stay proceedings under Article 28(1) of Council Regulation (EC) 44/2001 (the Brussels Regulation) was triggered by the existence of prior proceedings in another EU member state, which the court concluded was a "related action" under Article 28(3).  However, the court refused to exercise its discretion to stay the proceedings, holding that the existence of an exclusive jurisdiction clause in favour of the English court was a "very significant factor against the grant of a stay".  For the full facts and comment on this case, please click here.