RASMALA TRADE FINANCE FUND V TRAFIGURA PTE LTD

[2026] EWCA Civ 1259, Court of Appeal, Lord Justice Baker, Lord Justice Nugee and Lady Justice Falk, 7 October 2026

Restitution – Payments made under mistake – Defence of change of position – Bona fides – Causation – Allocation of risk – Detriment

Trafigura, an international commodities trader, granted its customer Farlin an open credit limit amounting to up to $11 million. Farlin struggled to remain within the limit and was late in making payments.