In this article the Supreme Court’s decision is considered by Ben Patten QC and Michael Bowmer of 4 New Square.
Paul Fisher provides some preliminary thoughts on this significant development in Qatar’s arbitration landscape. The article can be read in full here.
The Supreme Court has today allowed Lowick Rose’s appeal against a majority decision of the Court of Appeal and of the judge at first instance and held that a lender did have to give credit for sums received from a borrower following a refinancing of the borrower’s debt by the ultimate owner of both the borrower and lender. The effect of today’s decision will be to reduce the original judgment sum of approximately £18.5m (including interest) to less than £3.5m.
The Supreme Court handed down judgment in AIG Europe Limited v Woodman (and other Respondents)  UKSC 18 on 22 March 2017. Peter Morcos and Ben Lynch, led by Colin Edelman QC, appeared for the successful appellants, AIG.
The case is a landmark decision in the sphere of professional indemnity insurance, and the first case before the Supreme Court concerning aggregation clauses since the House of Lords decision in Lloyds TSB General Holdings v Lloyds Bank Group Insurance Co Ltd  Lloyd’s Rep IR 623.
The Supreme Court overturned the Court of Appeal’s finding that on the true construction of the SRA minimum terms and conditions “a series of related matters or transactions” required an “intrinsic” relationship.