Case details

Aspen Underwriting Ltd and others (Appellants) v Credit Europe Bank NV (Respondent)

Case ID: UKSC 2018/0229

Case summary


Whether the High Court has jurisdiction to determine the Insurers’ claims against the Bank


The owners of the ship Atlantik Confidence financed the purchase and working capital with a loan from Credit Europe Bank NV, a bank domiciled in the Netherlands (‘the Bank’). The loan was secured by a mortgage and deed of assignment of the insurance on the vessel, which was issued by 13 underwriters (‘the Insurers’). The vessel sank on 3 April 2013 and became a total loss. The Insurers and owners settled the claim and the insurance proceeds were paid on 16 August 2013 in accordance with a letter of authority provided by the Bank. In a limitation claim, the High Court ruled on 11 October 2016 that the vessel was deliberately sunk by the owners. The Insurers commenced proceedings against the owners and the Bank to recover the insurance proceeds paid under the settlement, on grounds of misrepresentation and mistake and in restitution. The Bank challenged jurisdiction.

Judgment appealed

[2018] EWCA Civ 2590

[2017] EWHC 1904 (Comm)



Aspen Underwriting Ltd and others


Credit Europe Bank NV



Lady Hale, Lord Reed, Lord Kerr, Lord Hodge, Lord Lloyd-Jones, Lord Kitchin, Lord Sales

Hearing start date

04 Nov 2019

Hearing finish date

05 Nov 2019

Watch hearing
04 Nov 2019 Morning session Afternoon session
05 Nov 2019 Morning session Afternoon session