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Home News London Court Allows Clifford Chance’s Lawsuit Against Socgen To Proceed

London Court Allows Clifford Chance’s Lawsuit Against Socgen To Proceed

by Celia

The Court of Appeal ruled on Monday that Clifford Chance’s lawsuit against Societe Generale can continue in London. The legal dispute involves a $483 million gold transaction linked to the French bank.

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Clifford Chance, a prominent law firm, represented Societe Generale from 2008 to 2017 in a case against Turkish jewellers Goldas Kuyumculuk Sanayi Ithalat Ihracat. The case was about 15.725 metric tons of gold bullion and was filed in London. However, the court ultimately dismissed Societe Generale’s case against Goldas.

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Following this outcome, the bank accused Clifford Chance of negligence and is suing the firm for over 140 million euros ($146 million) in damages.

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In response, Clifford Chance sought a ruling from London’s High Court, asking for a declaration that it was not liable to Societe Generale. The French bank argued that the dispute should be settled in France.

In October 2023, the High Court ruled in favor of Clifford Chance, rejecting Societe Generale’s request to move the case to France. On Monday, the Court of Appeal upheld that decision, dismissing the bank’s appeal.

Both Societe Generale and Clifford Chance declined to comment on the case. In his ruling, Judge Stephen Phillips noted that although Societe Generale’s case could still proceed in France, this did not provide a sufficient reason to block the lawsuit in London.

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