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Local authorities swaps litigation
The local authorities swaps litigation (sometimes called simply the swaps cases〔The reference "swaps cases" became less popular during the 2010s as a second wave of unrelated litigation relating to the mis-selling of financial products also came to be known as "swaps litigation" or "swaps cases". 〕) refers to a series of cases during the 1990s under English law relating to interest rate swap transactions entered into between banks and local authorities. The House of Lords ruled that such transactions were unlawful and beyond the powers of the local authorities.〔''Hazell v Hammersmith and Fulham LBC'' () 2 AC 1〕 As a result of the decision hundreds of interest rate swap contracts had to be unwound by the courts at great expense.〔In his judgment in ''(Re Interest Rate Swap Litigation )'' (unreported, 28 November 1991) Hirst J recorded that "As at 30th October, 1991 there were 203 extant swap actions, 18 had been settled after the issue of proceedings, 2 had been discontinued and 4 are in progress in the Chancery Division. Although in the vast majority of cases the banks are plaintiffs, there are 10 actions involving 8 local authorities in which a local authority is plaintiff because they are net losers under their swap transactions. The number of plaintiff banks in these actions totals in all 42 and the number of local authority defendants 62. These figures may need up-dating, but give a substantially accurate picture."〕 The law relating to recovery of payments made under contracts subsequently held to be legally void was relatively undeveloped at the time, and the numerous cases led to a rapid evolution in terms of the development and understanding of the English law of restitution and unjust enrichment.
==Background==
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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