“…swap contract. At 412D Lord Hope of Craighead also referred to the availability of a change of position defence as recognised in Lipkin Gorman v. Karpnale Ltd. [1991] 2 A.C. 548. She also referred to the passage at 417G-H where Lord Hope said that, whilst the objection may be made that time may run on for a very long time before a mist…”
“… case in particular turned on special facts, and I prefer to express no view as to whether that defence, which was recognised in Lipkin Gorman v. Karpnale Ltd. [1991] 2 A.C. 548, could ever be established by reference to market transactions.”…”