DIFC 008/2018
(1) Rafed Abdel Mohsen Bader Al Khorafi (2) Amrah Ali Abdel Latif Al Hamad (3) Alia Mohamed Sulaiman Al Rifai v (1) Bank Sarasin-Alpen (ME) Ltd (2) Bank J Safra Sarasin Ltd (formerly Bank Sarasin & Co Ltd)
Type
Case
Court
Dubai International Financial Centre - Court of Appeal
Jurisdiction
Dubai International Financial Centre
Taxonomy
Financial Institutions, Financial Services & Activities, Relationship Between Banker & Customer, Damages in Personal Injury, Compensation
Copyright
LexisNexis
Decision date
22 Mar 2018
Hearing/Judgment date
27, 28 November 2016, 29 January 2017, 22 March 2018*
Panel
Justice Sir David Steel, Justice Sir Richard Field, HE Justice Omar Al Muhairi
Catchwords
Banks – Financial services – Relationship between bank and client – Claimants making investments with second defendant bank on first defendant's advice – Investments funded by loans – Margin calls made and not met by claimants – Claimants suffering losses and issuing proceedings seeking damages and compensation – Court finding defendants liable and making award of compensation – Whether interest and charges sought to be recovered a ‘direct loss' – Whether claimants mitigating loss – Whether certain losses falling outside defendants' duty – Whether judge erring in assessing award – DIFC Law No 1 of 2004, arts 65, 94.