2/10/2004
START DATE
END DATE
3/19/2009
First Atlantic Commerce Ltd. v Bank of Bermuda Limited
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
The Court of Appeal for Bermuda
Commercial Law Banking Law
Hon. Justice Zacca President Hon. Justice Nazareth JA Hon. Justice Evans JA
Mr. Victor Lyon Q.C. with Mr. Nathaniel Turner
Ms. Barbara Dohmann Q.C. with Mr. Andrew Martin
FACTS OF THE CASE:
FAC offered a payment gateway service to the Bank for credit card transactions online. Dispute arose over $5.4 million in overdrafts due to fraudulent trading by some sub-merchants. Bank and FAC entered a Refinancing Agreement leading to litigation over the Bank's alleged negligence in vetting sub-merchants.
SUMMARY:
Whether the Refinancing Agreements barred FAC's claim for damages due to gross negligence by the Bank and whether FAC was entitled to recover its losses under these agreements.
OUTCOMES:
Court varied the lower court's order awarding FAC two-thirds of its costs of the proceedings.
RULED IN FAVOUR OF:
Plaintiff/Claimant (First Atlantic Commerce Ltd.)
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
Join our pro membership and get all the details at your finger tips
Want to see full case details, including key arguments and claims? [Join Pro Membership] to unlock exclusive insights.
Discover the legal strategies and defenses used in this case. [Join Pro Membership] for full access.
How long did this legal battle last, and what key events happened? [Join Pro Membership] to find out.
Uncover the critical legal principles debated in this case. [Join Pro Membership] for in-depth analysis.
See why this case matters in Banking, Mortgages, and Financial Services. [Join Pro Membership] to explore its impact.
Find out the final judgment and its legal implications. [Join Pro Membership] to access the ruling.
Understand how this judicial ruling sets a precedent in law. [Join Pro Membership] for expert breakdowns.
See how past legal precedents influenced this case. [Join Pro Membership] to unlock the list.
Download Case Summary:
Explore:
EPHESIANS 6:16
PT Satria Tirtatama Energindo v. East Asia Company Limited and Bali Energy Limited
2016
RE: C (VARIATION OF ACCESS ORDER)
2015
In the Matter of IPOC Capital Partners Limited and others
2007
Hindsight law can make mistakes. Consider checking original case studies
First Atlantic Commerce Ltd. v Bank of Bermuda Limited
FAC offered a payment gateway service to the Bank for credit card transactions online. Dispute arose over $5.4 million in overdrafts due to fraudulent trading by some sub-merchants. Bank and FAC entered a Refinancing Agreement leading to litigation over the Bank's alleged negligence in vetting sub-merchants.