|Source:||All England Reporter|
|Publisher Citation:|| All ER (D) 18|
|Court:||Queen's Bench Division, Commercial Court|
|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|
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).