BCC 155/2008
Type
Case
Court
Bahrain Court of Cassation
Jurisdiction
Bahrain
Taxonomy
Financial Institutions, Financial Services & Activities, General Banking & Finance Law, Finance & Accounting, Types of Contract, Remedies
Copyright
LexisNexis
Decision date
12 Jan 2009
Catchwords
Shares – Financial Services – Inheritance – Banking – Investment – Professional Negligence – Contract - Remedy
This case involved a claim by some heirs against a bank for compensation after it was said the bank had invested their father's money in high risk shares which caused losses. It was also said a contract on the type of shares to invest in had been violated. It was stated the father had been kept informed about every transaction, was aware of the risks and made no objections.
Background
The heirs of a deceased man filed a case against a bank and a consultant before the court requesting they pay $556000 and interest. The claimants said that their father had agreed with the bank (through the consultant) to invest in shares but the bank had invested the money in high-risk shares and caused him losses.
The court dismissed the case.
The heirs appealed the ruling before the court of appeal. The court upheld the appealed ruling.
Decision