Rocker v Full Circle Asset Management
FCAM breached contract and statutory duty by exceeding the agreed medium risk mandate and failing to operate an automatic stop loss policy at 5% loss, causing recoverable capital loss; FCAM did not breach obligations regarding performance benchmark or provide grounds for opportunity loss damages.
- Parties
- Claimant: David Rocker; Defendant: Full Circle Asset Management
- Jurisdiction
- England and Wales
- Judgment Date
- 23 November 2017
- Procedural Posture
- Civil / Judgment
- Outcome
- Claim partly allowed
- Legal Topics
- Breach of Contract, Breach of Statutory Duty, Negligence, Investment Management, Risk Assessment, Stop Loss Policy, Suitability Assessment, Damages
Case Brief
Summary, issues, holding and outcome
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Parties
David Rocker
Claimant
Full Circle Asset Management
Defendant
Procedural Posture
Civil / Judgment
Legal Issues
- 1 Whether FCAM breached contractual and statutory duties regarding risk mandate and stop loss policy
- 2 Whether FCAM failed to provide suitable investment management and information under COBS
- 3 Whether FCAM is liable for losses and opportunity loss
Ratio Decidendi
FCAM breached contract and statutory duty by exceeding the agreed medium risk mandate and failing to operate an automatic stop loss policy at 5% loss, causing recoverable capital loss; FCAM did not breach obligations regarding performance benchmark or provide grounds for opportunity loss damages.
Court Disposition
Claim partly allowed
Orders
- FCAM to pay damages to Mr Rocker for breach of mandate and stop loss policy, quantum to be recalculated per judgment findings
- No damages for opportunity loss
Full Case Text
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