JP MORGAN SECURITIES PLC V VTB BANK PJSC

[2026] EWCA Civ 589, Court of Appeal, Lord Justice Lewison, Lord Justice Phillips and Sir Launcelot Henderson, 12 May 2026

Anti-suit injunction – Arbitration proceedings against affiliates – Whether affiliates entitled to rely contractual upon arbitration clauses – Vexatious and oppressive basis for injunction on non-contractual basis

The claimants were all JPM group companies. The first two claimants were incorporated in England, and entered into a series of agreements with VTB, a majority state-owned Russian bank. The other claimants did not have contracts with VTB.