Clifford Chance's legal action against SocGen to proceed in London, as determined by the ruling of the appeal court, which upheld the decision on Monday.
Clifford Chance's legal action against Societe Generale regarding the law firm's representation of the French bank in a $483 million gold transaction dispute is permitted to proceed in London, as determined by the Court of Appeal on Monday.
Clifford Chance represented Societe Generale from 2008 to 2017 when the bank initiated legal proceedings againrst Turkish jewellers Goldas Kuyumculuk Sanayi Ithalat Ihracat in London concerning 15.725 metric tons of gold bullion. The case brought by Societe Generale against Goldas was ultimately dismissed, leading the bank to allege negligence on the part of Clifford Chance.
In response, Clifford Chance sought a declaration from London's High Court asserting that it bore no liability to Societe Generale. Societe Generale contended that any disputes should be adjudicated in France; however, this application was denied by the High Court in October 2023. The Court of Appeal upheld this decision by dismissing the French lender's appeal on Monday.
