Al Sulaiman v Credit Suisse Securities (Europe) Ltd & Anor

Al Sulaiman v Credit Suisse Securities (Europe) Ltd & Anor

The defendants took reasonable steps to ensure the claimant understood the risks of leveraged structured note investments, including the risk and consequences of margin calls, both orally and in writing. The investments were suitable for the claimant given her financial position, experience, and appetite for risk. The losses were caused by unforeseeable market events and the claimant's own unreasonable failure to meet margin calls, not by any breach of duty by the defendants.

Parties
Claimant: Basma Al Sulaiman; 1st Defendant: Credit Suisse Securities (Europe) Limited; 2nd Defendant: Plurimi Capital LLP
Jurisdiction
England and Wales
Judgment Date
01 March 2013
Procedural Posture
Commercial Claim for Breach of Statutory Duty and Professional Negligence / Judgment After Full Trial
Outcome
Claim dismissed
Legal Topics
Breach of Statutory Duty, Professional Negligence, Investment Advice, Suitability of Investments, Margin Calls, Causation of Loss
Financial Services Law Contract Law Tort Law Breach of Statutory Duty Professional Negligence Investment Advice Suitability of Investments Margin Calls +1 more

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Parties

Basma Al Sulaiman

Claimant

Credit Suisse Securities (Europe) Limited

1st Defendant

Plurimi Capital LLP

2nd Defendant

Procedural Posture

Commercial Claim for Breach of Statutory Duty and Professional Negligence / Judgment After Full Trial

Legal Issues

  1. 1 Did the defendants breach their statutory and/or common law duties to the claimant by failing to explain the risks of leveraged structured note investments, including margin calls and their consequences?
  2. 2 Were the investments unsuitable for the claimant?
  3. 3 Did any such breach cause the claimant's losses?

Ratio Decidendi

The defendants took reasonable steps to ensure the claimant understood the risks of leveraged structured note investments, including the risk and consequences of margin calls, both orally and in writing. The investments were suitable for the claimant given her financial position, experience, and appetite for risk. The losses were caused by unforeseeable market events and the claimant's own unreasonable failure to meet margin calls, not by any breach of duty by the defendants.

Court Disposition

Claim dismissed

Orders

  • The claim is dismissed.
  • Costs to follow the event.