| Source: | All England Reporter |
| Publisher Citation: | [1998] All ER (D) 18 |
| Court: | Queen's Bench Division, Commercial Court |
| Judge: | Longmore J |
| Representation | Iain Milligan QC and Andrew W Baker (instructed by Linklaters & Paines) for the bank. |
| Barbara Dohmann QC and C Gibaud (instructed by Middleton Potts) for the defendant. | |
| Judgment Dates: | 29 January 1998 |
Catchwords
Banking - Principal Exchange Rate Linked Security - Defendant investing in PERLS - PERLS bought for defendant by plaintiff bank and investment sold back to bank as security for loan of $9m - Defendant agreeing to repurchase PERLS from bank at future date - Devaluation of Italian and Spanish currencies - Bank declining to rollover investment and selling PERLS against defendant at considerable loss - Defendant claiming damages for breach of statutory duty - Whether PERLS 'margined transaction' - s 62(1).
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