On 13 December 2016, the England’s Court of Appeal dismissed the case[1] brought by a group of Portuguese public sector transport companies against Santander Totta SA (“Santander Portugal”) in connection with nine interest rate swaps down to the tune of €1.3 billion[2].

The High Court on 24 March 2016 regarded as legal, valid and binding the swaps entered into by Companhia de Carris de Ferro De Lisboa, S.A., Sociedade de Transportes Colectivos do Porto S.A., Metropolitano de Lisboa EPE and Metro do Porto (collectively, the “Transport Companies”). The High Court decision is discussed here, along with the grounds of defence advanced.

This is the first appeal of a decision from the Financial List, a specialist roll dedicated to complex issues in financial markets.

The swaps

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