DIFC 08/2015 on 22/03/2018
(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
Professional Negligence, Financial Services & Activities
Decision date
22 Mar 2018
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 – Articles 65 and 94 of DIFC Law No. 1/2004.
This is a revision of the judgement originally delivered on 29 January 2017. It involved financial services investment losses where the clients sought compensation, Issues covered included whether the claimants should have mitigated the losses and which losses fell within the duty,