Ixis Corporate & Investment Bank (Formerly CDC Ixis Capital Markets) v Westlb AG & Ors

This interlocutory judgment by Mr Justice Aikens concerns IXIS’s application under CPR Part 31.17 for third-party disclosure against Calyon, London Branch, in the context of the Box Clever securitisation litigation. IXIS purchased £200 million of Class A Notes issued by Home Technology Receivables No. 1 PLC (HTR) in October 2002 and alleges losses after the Box Clever group’s collapse due to a flawed “40% COM” termination assumption inflating the Offering Circular’s NPV. CAI (now Calyon) considered participating as joint lead manager in January–February 2002; its Deal Team, led by Peter Kappel with Henrik Kristensen and Ludovic Nobili, analyzed the model and raised concerns with Nomura and WestLB before CAI withdrew. IXIS seeks CAI internal communications, CAI–Nomura communications, and Credit Department documents for 20 January–22 February 2002. Applying SCA 1981 s.34 and CPR 31.17, the court finds three classes of likely existing documents that may well support IXIS’s case or adversely affect Terra Firma/WestLB, deems disclosure necessary for fair disposal, permits redaction to address confidentiality, orders IXIS to pay reasonable costs, and limits scope temporally. The court declines to order additional CAI–WestLB communications beyond WestLB’s disclosure and finds CAI–Terra Firma communications in the period not relevant.