8 Aug 2012
GILMOUR V DECISIONMAKERS (WAIKATO) LIMITED & OR HC HAM CIV-2011-419-001358
- Citation
- openlaw-531edd1b_eecd_4f57_ba5d_bc4bf41be8de.pdf
- Court
- High Court
The Court held that the adviser breached the duty of care and s 9 Fair Trading Act by failing to obtain and record sufficient client information, failing to implement and review an appropriate investment plan and by giving conduct capable of misleading the client; that breach materially deprived the client of the chance to make prudent investments and caused loss; the appropriate remedial measure was compensatory damages for the Bridgecorp loss subject to a reasonable diversification deduction of 10%; further, where a sole director actively advises and makes representations in trade he can be…