RAFSANJAN PISTACHIO PRODUCERS CO-OPERATIVE v. BANK LEUMI (UK) PLC

[1992] 1 Lloyd's Rep. 513

QUEEN’S BENCH DIVISION(COMMERCIAL COURT)

Before Mr. Justice Hirst

Banking - Letter of credit - Allegations of fraud - Sale of goods - Bank opened letters of credit in favour of plaintiffs - Letters of credit rejected for discrepancies - Bank alleged plaintiffs party to agreement to induce bank to open letter of credit - Plaintiffs alleged bank in breach of Uniform Customs and Practice for Documentary Credits, 1983 - Whether bank could rely on estoppel or discharge.