Hard Cases – Taking Stock of How Trader Defaults and Geopolitical Events Shaped LC Court Decisions in 2024
In the first of a two-part article, Robert Parson looks back at major LC court cases of 2024 and their impact on an increasingly complex environment for trade finance.
Reviewing the last year, 2024 saw a steady flow of decisions involving documentary and standby letters of credit across senior courts in the world’s trading centres. In the past, high volumes of LC-related cases giving rise to significant points of law in this area have often coincided with step changes in commercial practice such as the introduction of UCP 600 in 2007, knock-on effects from major frauds such as the Solo Industries affair in 1999, or the Saad Group collapse in 2009.
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