IG Index Plc v Leung -Cheun & Ors

IG Index Plc v Leung -Cheun & Ors

The daily statements were not margin calls as understood and agreed by the parties; IG Index was not obliged to close out bets under Term 16(4). Deposit requirements were waived by IG Index's conduct and discretion. Defendants' counterclaims fail; IG Index's claim succeeds.

Source-derived case information.

Parties
Claimant: IG Index PLC; Defendant: Max Leung-Cheun; Defendant: Angela Leung-Cheun; Defendant: Christine Leung-Cheun; Defendant: Donald Leung Cheun; Defendant: Brigitte Leung-Cheun
Jurisdiction
England and Wales
Judgment Date
17 August 2011
Procedural Posture
Civil / Judgment
Outcome
Claim succeeds; counterclaims dismissed.
Legal Topics
Spread Betting, Margin Calls, Deposit Accounts, Contractual Interpretation, Waiver, Breach of Contract, Mitigation of Loss
Contract Law Financial Services Law Spread Betting Margin Calls Deposit Accounts Contractual Interpretation Waiver Breach of Contract +1 more

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Parties

IG Index PLC

Claimant

Max Leung-Cheun

Defendant

Angela Leung-Cheun

Defendant

Christine Leung-Cheun

Defendant

Donald Leung Cheun

Defendant

Brigitte Leung-Cheun

Defendant

Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 Whether daily statements constituted margin calls under the contract
  2. 2 Whether IG Index was obliged to close out open bets after margin calls
  3. 3 Whether IG Index breached deposit requirements for new bets

Ratio Decidendi

The daily statements were not margin calls as understood and agreed by the parties; IG Index was not obliged to close out bets under Term 16(4). Deposit requirements were waived by IG Index's conduct and discretion. Defendants' counterclaims fail; IG Index's claim succeeds.

Court Disposition

Claim succeeds; counterclaims dismissed.