5 Jan 2016
LI KWOK HEEM JOHN v. STANDARD CHARTERED INTERNATIONAL (USA) LTD (formerly known as AMERICAN EXPRESS BANK LTD)
- Citation
- LI KWOK HEEM JOHN v. STANDARD CHARTERED INTERNATIONAL (USA) LTD (formerly known as AMERICAN EXPRESS BANK LTD)
- Court
- Court of First Instance
- Case number
- HCA498/2010
Court found defendant, through its investment adviser/relationship manager, adopted and made representations about the FS Fund which the plaintiff relied on; however, on the central issue of negligence in initial and ongoing due diligence the defendant met the industry standard and had reasonable grounds to believe the representations to be true (relied on FGG, audited accounts by PwC, administrator/custodian Citco and regulator oversight), so defendant was not negligent and not liable under SFO s108 or in tort; contractual risk disclosure clauses were either inapplicable to this low-risk fun…