Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Mark‑to‑market valuation

Legal area

Court

30 Jul 2018

BONDS & SONS INTERNATIONAL LTD v. CITIBANK, N.A.

Citation

[2018] HKCFI 1737
Court

Court of First Instance
Case number

HCCL29/2013

Court held plaintiffs failed to prove that Citibank or Ms Mak assumed legal responsibility to advise beyond clear contractual disclaimers; TIPs and contractual documents adequately disclosed the risks material to the ACs including MTM and margin risk; Mrs Chan was experienced and would in any event have entered the ACs so causation not established; alleged representation was non‑actionable opinion and not causal; guarantor termination had been suspended by agreement and appropriation was lawful; all claims dismissed with costs.
30 Jul 2018

SHINNING INTERNATIONAL HOLDINGS LTD v. CITIBANK, N.A.

Citation

[2018] HKCFI 1737
Court

Court of First Instance
Case number

HCCL28/2013

On the contractual and factual matrix the bank and its relationship manager did not assume a legal duty to advise beyond the explicit disclaimers in the MDA/RDS/TIPs; the disclosures were adequate as a matter of market practice and utility; no actionable or causative misrepresentation was made; the plaintiff’s causation case failed because the deceased principal was experienced and would have entered the trades regardless; guarantor termination was suspended and guarantees remained effective; claims dismissed.