Bank awaits Lords' decision

Generale Bank Nederland NV formerly Credit Lyonnais Nederland NV has sought leave to appeal to the House of Lords against refusal of its claim against Export Credits Guarantee Department. Generale Bank's claim arises out of five banker's guarantees issued by Export Credits. Generale Bank claims that Export Credits is vicariously liable for the acts of a former employee who authorised the underwriting of the guarantees. Its claim failed in the High Court in September 1995 and that decision was upheld by the Court of Appeal in July last year. The Law Lords have adjourned consideration of the case to give Export Credits a chance to object to the latest moves.