15 Dec 2000
WILLIAM REIDY v. BNP INTERNATIONAL FINANCIAL SERVICES (HONG KONG) LTD.
- Citation
- WILLIAM REIDY v. BNP INTERNATIONAL FINANCIAL SERVICES (HONG KONG) LTD.
- Court
- Court of First Instance
- Case number
- HCA17026/1998
Plaintiff failed to prove defendant breached any contractual, fiduciary or negligent duty in respect of the equities portfolio because plaintiff had taken on decision-making responsibility from November 1996, no workable implied term to report market movements was established (and such a term would conflict with express contractual rights to demand margins and sell without notice), and in any event the indemnity/exclusion clause in the written agreement would cover losses except for actual fraud; defendant therefore not liable and succeeds on counterclaim for unpaid shortfall with interest.